According to its 2015 Annual Report, Allen & Overy enjoyed a 3.8 per cent hike in revenue during the 2015 financial year to just under £1.3bn, up significantly from the 1.8 per cent increase recorded the year before. Profit for the financial year was also up, from £532m in the 2014 financial year to £570m last year, translating into an 8 per cent growth in profit per full partner to £1.21m. Though total staff costs increased by £9m during the course of the year, this in part reflects Allen & Overy's decision to expand staff bonuses by 21.6 per cent to a total bonus pool of £38m.
Remuneration and bonuses
According to Allen & Overy's financial statements, the firm's highest earning partner took home an impressive £2.89m in total remuneration in the 2015 financial year, up 36.9 per cent from the £2.11m pay packet handed to the firm's top earner the year before. The overall growth in the firm's profit base saw key managers, including managing partner Wim Dejonhe, share in a profit pool of £12.7m, up 9.5 per cent from the previous year's £11.3m. The more junior members of Allen & Overy's team also enjoyed a remuneration kick. Though it was not included in the annual figures, the firm recently absorbed bonuses for associates into salaries, expanding pay packets for associates with one-to-three years' post-qualification experience by an average of £20,000 per year. Sources: Allen & Overy; The Lawyer
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