Allen & Overy reports drop in revenue and hike in PEP

Allen & Overy has reported a 10 per cent jump in profit per equity partner in the 2009-10 financial year. Revenue fell by four per cent during the same period, and the discrepancy can be accounted for by large-scale redundancies. Revenue stood at ₤1.05 billion, and profits per partner rose to ₤1.1 million. Allen & Overy fired 250 lawyers and 200 staff in a 46-million pound restructuring in February 2009. Wim Dejonghe, managing partner of firm, said: “We have made strategic choices to secure future growth, and in doing so have built resilience into our business, enhanced our global reach and diversified our practice area mix".

Allen & Overy reports drop in revenue and hike in PEP businessweek.com Thu, Jul 1, 2010