find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Million dollar payday for A&O partners

Million dollar payday for A&O partners

Allen & Overy has increased its profit to ₤486 million, with average partner income stable at ₤1.1 million.

Last night (2 July) the Magic Circle firm released its financial figures for the 2011-12 British financial year, which ended on 30 April.

The figures showed that A&O increased its profit before tax by seven per cent to ₤486 million ($742.7m), leaving its 427 full partners with an average payout of ₤1.1 million ($1.68m).

The average partner payout last year was also ₤1.1 million, but a weaker Australian dollar 12 months ago meant that figure translated to around $1.7 million.

Under the firm's partnership structure, the highest-paid full equity partners can receive as much as £1.6 million ($2.45m).

To earn that level of income, a partner must be on 50 profit-sharing points, the highest level within the firm.
The firm's full partners are on between the minimum level of 20 profit-sharing points and 50 points. Partners on 20 points attracted a profit payment of £640,000 ($977,000), which is slightly down on last year. Partners are able to increase the amount of profit-sharing points attributed to them by two points per year.

While A&O does not release the revenue figures for individual offices, Grant Fuzi, the firm’s Australian managing partner, said the Perth and Sydney offices had a “fantastic year”.

The firm’s total turnover for 2011-12 stood at ₤1.18 billion, which was an increase of six per cent from the previous period.

More than 60 per cent of the firm’s turnover was generated from offices outside of the United Kingdom, a record figure.

“Despite the downturn we have continued to invest in our people, practice groups and locations, adding three further offices in key growth markets during the last 12 months,” said Wim Dejonghe, the global managing partner of A&O. “These new markets, alongside some of the more mature economies, continue to perform very well under difficult circumstances.”

A&O has 42 offices in 29 countries, with 427 full equity partners and a total partnership of 512.
In late June, Herbert Smith, the British-based firm that Freehills will merge with on 1 October, announced that its annual turnover figure for 2011-12 was £480m.

Clifford Chance is expected to announce its financial results for 2011-12 shortly.

Last year, A&O’s Magic Circle rival in Australia pulled in over £1.2 billion

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Million dollar payday for A&O partners
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice, ALA, right-to-die law
Oct 24 2017
‘Right-to-die’ laws would be a relief for terminally ill: ALA
The passage of an assisted dying bill through the lower house of Victorian Parliament has been haile...
Oct 24 2017
Diversity top of agenda for future WA Law Society president
The advancement of diversity in the Western Australian legal profession will be one of the key items...
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...