The firm reported increased revenue, profit before tax, and profit per equity partner
International law firm Allen & Overy reported a significant increase in profits for the year before its merger with Shearman & Sterling.
The latest financial statements, covering only the results of the legacy Allen & Overy firm, revealed substantial growth in revenue, profit before tax, and profit per equity partner (PEP) despite challenging market conditions.
According to the firm, its financial performance sets a positive tone ahead of its merger with Shearman & Sterling, which was completed on May 1 and created A&O Shearman.
The firm attributed its financial success to a strategic focus on diversification across various regions, practices, and sectors. The spread of practice areas and geographies has been crucial in driving positive performance amidst ongoing global economic and geopolitical challenges. Additionally, the firm's emphasis on innovation and strategic partnerships, such as collaborating with Inflexion for the innovative aosphere platform, has played a significant role in its growth.
Hervé Ekué, global managing partner at A&O Shearman, expressed satisfaction with the firm's performance and optimism about its future. "In the year leading up to the completion of our merger, we’re pleased to report positive growth for the firm. This is testament to our strategic focus on diversification across regions, practices, and sectors," said Ekué in a statement.
Ekué further highlighted the promising outlook for A&O Shearman, emphasizing its experience and global capabilities. "As A&O Shearman we have an exciting future ahead of us, for both our clients and people. With unmatched experience and truly global capabilities, we are uniquely positioned to provide unparalleled service to our clients," he stated.
He underscored the firm's commitment to excellence, collaboration, and innovation as key factors in its success. "Our combined firm's success is rooted in our commitment to excellence, collaboration and innovation, as well as our ability to adapt to the dynamic global market. Our market coverage, depth of experience, and innovative approach allows us to provide clients with the world-class integrated solutions that they are looking for in today’s increasingly complex commercial and regulatory environment," Ekué added.
