Impact of COVID-19 exhibits up in Linklaters and Allen & Overy figures
Linklaters confirmed £1.639 billion in income, a small 0.7% enhance from final 12 months. Nonetheless, the agency’s income fell by 3.3% to £726.9 million, whereas revenue per fairness associate dropped by 5.1% to a (nonetheless huge) £1.61 million.
In the meantime, Allen & Overy’s income grew by 4% to £1.69 billion. However the agency’s revenue is down 2.5% to £690 million, and revenue per fairness associate shrunken by 1.7% to £1.63 million.
So, relative to most legislation companies, large earnings and excessive profitability, however disappointing ranges of progress — which has been the story with magic circle companies for numerous years now.
Linklaters and Allen & Overy, who’re each headquartered in London, have recommended that they have been doing effectively till COVID-19 uncertainty impacted the final two months of the monetary 12 months ending 5 April 2020.
Commenting on the monetary outcomes, Linklaters’ managing associate Gideon Moore, stated:
“Covid-19 got here on the tail finish of what was a robust 12 months for us at Linklaters. However the change in circumstances arising because of Covid-19, we now have been in a position to proceed to assist our folks and our shoppers. Our long-term technique stays unchanged: investing in our globally various expertise base and rising our practices sustainably to finest serve our shoppers.”
In the meantime, Allen & Overy’s world managing associate, Gareth Value, stated:
“These are robust outcomes, with income progress in all our world practices, proving the success of the broad-based technique we now have adopted during the last decade
“Our progress is as a result of onerous work of all our folks and I want to thank everybody for his or her dedication within the final twelve months. These outcomes, mixed with the measures we now have taken in response to the pandemic, put us in a robust place to proceed to assist our shoppers as they navigate the tougher market situations forward.”