Profits before tax were up 19 per cent to £822 million ($1.53 billion), and the firm saw increased revenue in all transactional and disputes practices.

“A&O was the world’s leading transactional law firm, advising on 12 per cent more deals than any other firm in 2020, as well as taking a leading position in growing markets such as US and European SPACs, both from an M&A and a capital markets perspective,” the firm said in a statement.

Equity partners saw their individual profits increase by 17 per cent compared to the previous year, rising to £1.9 million ($3.37 million).

Speaking about the results, global managing partner Gareth Price said that the firm has been “really tested” over the past year and that he was proud of all staff members and how they have responded to the age of coronavirus.

“We took the time to find out the specific needs of our clients as COVID-19 hit and gave them the support they needed. We focused on the wellbeing of colleagues as they worked remotely and often very long hours,” he said.

“And we looked after the people in our supply chain in a responsible way. The culture we have built over many years and the short-term decisions we took early on ensured that our business not only survived but thrived during the pandemic, without seeking any government support.

“Our services are more in demand now than ever in our history and we have started the new financial year strongly, driven in particular by exceptionally high levels of M&A activity.”

VIEW ALL

The news follows the reporting of Herbert Smith Freehills’ annual results, in which equity partners saw their profits for the year jump to £1,099,000 per partner, a 28 per cent rise from last year’s individual figure of £857,000.