Hi °C | Lo °C A global law firm soon to open a new office in Northern Ireland has announced turnover of over £1bn.
Allen & Overy said turnover was up 7% to £1.12bn, while profit per equity partner was “stable” at £1.1m.
Distributable profit grew 6% to £455.8m, according results for the year ending April 30.
The company, which has 37 offices worldwide, said its global banking and litigation departments had “particularly strong” performances.
In February Allen & Overy announced it was moving all its core IT services from London to Belfast in what will be its third biggest office in the world, with up to 300 new staff.
Allen & Overy said the opening of the new office, which will be located in the Obel, has been “driven by a strategic focus on long-term business efficiency”.
It said it has “invested heavily” in IT systems to serve its international network of offices.
Global managing partner Wim Dejonghe said that despite tough economic conditions, the firm has continued to expand into growth markets.
He added: “We have been consistent in our pursuit of expansion opportunities and as a result we have ensured we are able to support our clients with an on the ground presence.”
Losses included staff costs of £417m, depreciation, amortisation and impairment (£32.7m) and London property reorganisation (£24.6m).
The firm, which has advised News Corp on the proposed acquisition of BSkyB, employs around 4,750 staff, including 480 partners.
