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PEP at A&O hits $3.42m
Global law firm Allen & Overy has released its annual results for the year ending 30 April 2022, in which “exceptional” growth in its United States-based operations has seen profit before tax up 9 per cent and profit per equity partner (PEP) up 3 per cent.
Jerome Doraisamy
Allen & Overy’s annual results have been released and include an increase of 10 per cent in client revenue to £1.94 billion ($3.4 billion as of conversion rates on Friday, 15 July 2022).
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The firm’s profit per tax is up 9 per cent to £1.58 billion ($1.58 billion), and PEP is up 3 per cent to £1.95 million, or $3.42 million.
More than 50 per cent of the firm’s revenue growth has come from “exceptional” results in the United States, the firm noted, following “continued and significant” investment in that region.
In addition, revenue from the firm’s Advanced Delivery & Solutions arm has increased by 14 per cent, driven by its aosphere, A&O Consulting and Peerpoint offerings.
The news follows the release of FY22 results by Herbert Smith Freehills, which recorded close to $2bn in revenue, and Pinsent Masons, which saw a PEP increase of 16 per cent.
Speaking about the results, A&O global managing partner Gareth Price said: “Last year, we demonstrated the power of our international platform to meet the sophisticated needs of our clients in an increasingly complex landscape for global businesses.
“Our clients are facing major new challenges and we have invested to broaden our capabilities to support them as well as expand our expertise in key markets to maintain our industry-leading local depth connected by global reach.
“The global economy continues to be impacted by high inflation and the business environment for our services has been softening in recent months.
“We expect these conditions to persist in the coming months, but we remain confident that our diversified business provides resilience and positions us well for the more challenging conditions ahead.”
