Financial results for legacy Allen & Overy for the year ended 30 April 2024

Published Date

Jul 11, 2024

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These are the financial statements of Allen Overy Shearman Sterling LLP, formerly Allen & Overy LLP, for the year ended 30 April 2024 (FY24), prior to the completion of the merger to create A&O Shearman. Accordingly, they include only the results of legacy A&O, and not legacy Shearman & Sterling, for that period. The A&O legacy firm reported an increase in revenue, profit before tax and profit per equity partner (PEP) despite challenging market conditions.

In summary:

Client revenue up by GBP70 million (3.4%) to GBP2.2 billion (USD2.7bn; EUR2.5bn)
Profit before tax up by GBP153.7m (17.2%) to GBP1.0bn (USD1.3bn; EUR1.2bn)
Average profit per equity partner (PEP) is GBP2.2m (USD2.7m; EUR2.5m)
The transformational merger between Allen & Overy and Shearman & Sterling completed on May 1, 2024 creating A&O Shearman – the first fully integrated global elite law firm
Results benefitted from the strategic partnership with Inflexion for innovative aosphere platform

The firm reported growth and progress during FY24 despite the ongoing global economic and geopolitical challenges. The firm’s spread of practice areas, sectors and geographies helped to drive positive performance during the year, as did the continued focus on innovation and partnerships that create value and opportunities.

Commenting on the results, Hervé Ekué, global managing partner at A&O Shearman, said: “In the year leading up to the completion of our merger, we’re pleased to report positive growth for the firm. This is testament to our strategic focus on diversification across regions, practices, and sectors.

“As A&O Shearman we have an exciting future ahead of us, for both our clients and people. With unmatched experience and truly global capabilities, we are uniquely positioned to provide unparalleled service to our clients. Our combined firm's success is rooted in our commitment to excellence, collaboration and innovation as well as our ability to adapt to the dynamic global market. Our market coverage, depth of experience, and innovative approach allows us to provide clients with the world-class integrated solutions that they are looking for in today’s increasingly complex commercial and regulatory environment.”