A&O becomes second largest firm in magic circle
Allen & Overy (A&O) has grown to become the second largest firm in the magic circle as measured by turnover.
According to its 2016/17 financial results, A&) has posted global turnover of £1.52bn, closing the gap on Clifford Chance, whose turnover came in at £1.54bn. A&O also reported a 26 per cent increase in average profit per equity partner (PEP), which grew from £1.2m to £1.5m.
Managing partner Andrew Ballheimer attributed the firm’s positive financial results to a combination of growth across practice groups, along with international investment in high-growth areas.