Allen & Overy’s half year revenues fell by 7% in the last six months, according to the firm’s latest financial results.
Turnover for October 2009 decreased to US$840m compared to the US$866m in the same period last year.
Over half the firm’s revenues came from outside the UK and managing partner Wim Dejonghe said that the firm is starting to see an increase in activity. The firm’s work on the US$4.4bn Abu Dhabi government’s bank bailouts was noted as a highlight deal which boosted the firm. “Now we have our capacity right and have improved cost controls, our increased activity levels mean we are cautiously optimistic about what lies ahead,” he said in a statement. “We have made significant strategic investments, such as the recent lateral hires in high yield and litigation, and where we see further opportunities to improve our position we will continue to invest.”
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