Allen & Overy's profits fall by 9 per cent
UK law firm Allen & Overy saw partner profits slide 9 percent for the for the year to April 30.
However, despite a fall from £1.1 million to £1.0 million (US$1.6 million), Allen & Overy’s profits per equity partner (PEP) stayed above the £1 million level, which keeps the firm within close distance of "Magic Circle" rivals Freshfields Bruckhaus Deringer (£1.4 million) and Linklaters (£1.3 million). Gross revenue rose to £1.091 billion ($2.02 billion).
In the current market conditions, the results come as a surprise, after Britain’s fourth-largest law firm went through a dramatic shake-up this year, shedding about 450 salaried employees and 47 equity partners at a cost of £46 million.
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