Allen & Overy (A&O) has become the first City firm to announce its half-year figures, with the magic circle firm posting a 7% drop in revenue for the period.
A&O saw turnover fall from £548m at this point last year down to £511m, with the firm attributing the drop to the continued turbulence in the global economy.
More than half of the firm’s revenue was generated outside the UK, with A&O highlighting litigation, restructuring and regulatory work as strong performers, as clients continue to face challenges as a result of the financial crisis.
Managing partner Wim Dejonghe told Legal Week that the results were in line with the firm’s budget as market conditions remain difficult for clients.
