Global law firm A&O Shearman has reported £2.9 billion ($3.7 billion) in client revenue for the fiscal year ending April 30, marking its inaugural financial results since the merger of London-based Allen & Overy and New York-based Shearman & Sterling.
Strong Financial Performance
The combined firm, now comprising approximately 4,000 lawyers, also reported a pre-tax profit of £1.1 billion ($1.4 billion) and a profit per equity partner of £2 million ($2.6 million). These figures underscore the firm’s robust financial health and successful integration.
Notable Transactions
A&O Shearman played pivotal roles in significant transactions during the year:
- Liberty Global’s Spin-off of Sunrise: The firm advised Liberty Global on the spin-off of its Swiss telecom operator, Sunrise, to its shareholders.
- Prosus Acquisition of Just Eat Takeaway.com: A&O Shearman represented Dutch technology investor Prosus in its €4.1 billion acquisition of Just Eat Takeaway.com. The deal received European Union antitrust approval after Prosus agreed to divest its stake in Delivery Hero.
Commitment to Pro Bono Work
Demonstrating its dedication to social responsibility, A&O Shearman delivered nearly 120,000 hours of pro bono legal services during the fiscal year.
Industry Context
The legal industry has witnessed a trend of record revenues among major London-based firms. However, A&O Shearman has not disclosed regional financial breakdowns, making it challenging to assess its performance across different markets.
In summary, A&O Shearman’s inaugural financial year post-merger reflects a strong start, characterized by significant revenue, profitability, and impactful legal work, positioning the firm as a formidable player in the global legal market.
