Allen & Overy’s (A&O’s) US office generated 6% of the magic circle firm’s total turnover in the last financial year.
The percentage equates to roughly £61m of the £1.016bn in revenues that the firm brought in during 2007-08. In comparison, 49% (£498m) of
revenues came from London.
The US figure is roughly in line with magic circle rival Linklaters, where the US arm pulled in £60.7m of the firm’s overall turnover of £1.293bn.
However, it still trails Clifford Chance’s US presence which, through its merger with New York’s Roger & Wells, accounted for a 13% slice of the firm’s fee income.
A&O is keen to expand its New York office, which houses around 160 fee earners.
Kevin O’Shea, A&O’s New York managing partner said: “It is an opportune time to grow in the local marketplace. We are making sure we have quality lawyers in the right places.”
The wider breakdown of A&O’s results shows that finance bought in the bulk of the work, making up 44% (£447m) of the firm’s turnover. Corporate was just behind, with a third of billings worth £335.3m. Litigation brought in £91.4m (9%) while real estate brought in 3% of revenues at £30.4m. Other practices accounted for 11% of turnover.
