Several major law firms had a bumper year after releasing financial year end results this month.
It was the sixth consecutive year of growth for global firm Allen & Overy last financial year, who boasted acting on USD1.3tn worth of transactions last year. The firm’s revenue was up four per cent to £1.28bn, with profit per equity partner up eight per cent to £1.21m.
New offices in Barcelona, Johannesburg and Toronto were opened during the financial year, with a South Korean office to open in the near future.
“We continue to enhance the flexibility of our business model so we can deliver what our clients need, while simultaneously catering to the changing needs of our workforce,” said Global managing partner Wim Dejonghe.
“Our ability to be one step ahead by providing alternative solutions to our clients that really add value is paying off.”
International firm Ashurst saw a revenue jump this year, up globally to £561m from £558 in 2014, though the firm’s average profit per equity partner took a slight downturn to £747,000 from £775,000 the previous year.
Managing partner James Collis said the firm’s outsourcing model to a Glasgow office has played a significant role in maximising efficiency.
“Results this year are in line with expectations, with revenue remaining consistent with FY14. We saw a robust performance in Asia Pacific and jurisdictions such as the Middle East, France and Spain and we continued to benefit from activity in the resources, infrastructure and finance sectors,” he said.
We are confident that the investments we have made have created an even stronger platform for the firm and we will build on this in the next financial year.”
Major transactions Ashurst has acted on in the past year include Novion Property Group’s $11bn merger with Federation Centres and the $2.1bn Sydney light rail project.
Herbert Smith Freehills announced a two per cent revenue increase last financial year, up to £815m with profit per equity partner up to £801,000, an eight per cent increase from the previous financial year.
The value of HSF M&A deals increased by 40 per cent globally, this year working on the largest deal in Australia this year so far, the Toll Group proposed takeover by Japan Post.
“This has been another year of significant progress with a very robust financial performance underlining the growing strength of our global offering,” said Mark Rigotti, joint CEO.
“Our transactional and disputes practices have driven a good year in Asia, particularly in China and Japan, and we continue to increase market share in Australia on the back of our multiple leading practices,” added Sonya Leydecker, joint CEO.