Allen & Overy’s (A&O) investments in Australia and the wider region help boosted the firm to a banner 2017 fiscal year, the firm’s joint Australia managing partner said.
“Since opening in Australia, we have invested heavily in regional integration and a diversified offering,” said Geoff Simpson, Perth and joint Australian managing partner. “That investment has paid significant dividends, contributing to the growth and success of the firm in challenging times.”
For 2017, the firm increased turnover by £209m, or 16%, year-on-year to £1.52bn. Profits jumped by £153m, or 27%, on the year to £716m. Profit per equity partner rose by £0.31m, or 26%, to £1.51m.
The firm enjoys continued return on its long term investment made in the international network, which has grown by 20 offices in that period, in the last decade, it said. A&O now has about 5,400 people, including around 550 partners, working out of 44 offices around the world.
A big part of the firm’s performance was driven by cross-border work, with the 74% of the firm’s revenues derived from matters involving two or more countries, and 30% coming from matters involving five or more countries.
“[Investments have] meant we have been able to win significant multijurisdictional work and tap into the regional network more efficiently to deliver award-winning results for clients seeking local solutions to increasingly global issues,” Simpson said.
He said that the strong financial results demonstrate the value that can be created in Australia with a truly integrated offering.
“Given ongoing demand for our services, both regional and domestic, and our continued efforts to innovate through alternative service delivery models, the outlook for the firm is very positive,” he said.
Leading practices of the firm for fiscal 2017 are litigation, corporate, and real estate, while Australia, Hong Kong, Johannesburg, London, the Middle East, and the US had standout years, according to the firm.
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