00:11, November 30 294 0

2016-11-30 00:11:16
A&O revenues jump 13 per cent at half-year mark

Allen & Overy (A&O) is the first magic circle firm to reveal its half-year results for 2016/17, posting growth of 13 per cent to £731m.

The firm attributed the growth to work carried out in London and Asia-Pacific, as well as a number of key hires made across the US, Europe and Asia.

A&O recruited a three-partner finance team from White & Case’s New York office in July, as well as Proskauer Rose partner Rajani Gupta and Milbank Tweed Hadley & McCloy associate Todd Koretzky.

In London, the firm also raided Simmons & Simmons’ IP practice with a number of lateral hires, while Ashurst Hong Kong managing partner Lina Lee and corporate partner Jonathan Hsui both joined the magic circle firm in the Asia region.

At the same point last year, A&O reported a 3.6 per cent rise in revenue in the first half of 2015/16 from £619.7m to £642m. By the end of 2015/16, A&O turnover had grown at a slightly slower rate of 2.3 per cent from £1.28bn to £1.31bn.

The half-year results are the first posted under the firm’s new leadership of senior partner Wim Dejonghe and managing partner Andrew Ballheimer. Former corporate co-head Andrew Ballheimer was elected to the managing partner position in February shortly after Wim Dejonghe was chosen to replace David Morley as senior partner.