Allen & Overy (A&O) has become the first magic circle firm to announce financial figures for the first half of 2016-17, posting a double-digit increase in revenues.
Total turnover for the six-month period rose by 13% to £731m, a new record for the firm, which last year brought in £642m during the same period.
The firm cited “standout performances” by its London office and its Asia-Pacific practice as key drivers behind the impressive growth.
Managing partner Andrew Ballheimer (pictured) commented: “The backdrop of uncertainty affecting many of the markets in which we operate makes this set of results all the more impressive. They are a clear indication of the resilience of our business, proving once again the value of our well hedged, diversified model.”
The past six months have seen A&O make a number of senior hires, including a five-strong New York finance team that included partners from White & Case and Proskauer Rose.
In London, the firm has added four intellectual property (IP) partners from Simmons & Simmons, including the firm’s former London IP head Marc Doering, as well as Herbert Smith Freehills London finance partner Nick Bradbury.
In September, the firm recruited two Hong Kong capital markets partners from Ashurst, including former office managing partner Lina Lee.
“We have made significant hires in the US, Europe and Asia in this half and will continue to invest in our network,” Ballheimer added.
Major deals that A&O has taken roles on in recent months have included advising mobile phone chipmaker Qualcomm on Dutch aspects of its proposed $47bn (£39bn) acquisition of NXP Semiconductors; acting for Thomson Reuters on the $3.5bn (£2.7bn) sale of its IP and science business to private equity houses Onex and Baring Private Equity Asia; and advising 888 Holdings on its £3.2bn joint takeover bid for William Hill alongside Rank Group.
The results come after the firm posted a sixth consecutive year of revenue growth for 2015-16, with revenue climbing 2.3% to £1.31bn, while average profit per equity partner remained stable at £1.21m.