Legal giant makes €1.3 billion profit in first year
Global law firm A&O Shearman has reported its first annual financial results since the merger that created the firm was completed last year.
‘Magic circle’ firm Allen & Overy and US-based global giant Shearman & Sterling announced in 2023 that they had teamed up to form a $3.4 billion firm with 3,900 lawyers and 800 partners across 49 offices worldwide.
The merged firm yesterday (21 August) announced client revenue of €3.4 billion (US$3.7 billion) for the year to 30 April.
Pre-tax profits were €1.3 billion, while profit per equity partner was €2.4 million.
Investments
“In our first year as a merged firm, we have delivered strong results while making important investments in our business – including reshaping the firm to ensure we are optimally positioned to meet client needs,” said global managing partner Hervé Ekué.
During the year, the firm promoted 33 lawyers to become partners and hired 16 from other firms.
A&O Shearman has offices in Dublin and Belfast.