London magic circle firm Allen & Overy revealed its revenue fell, with turnover down 2.7 per cent to £566 million from last year’s £582m. However, the newspaper Legal Week also reports the firm saying that on a constant currency basis, reported turnover grew by 1 per cent.

Italian bond sale

A&O managing partner Wim Dejonghe said growth in Germany, Southeast Asia, the Middle East and Poland boosted the firm, pointing to deal highlights including advising the Italian government on its €18bn bond sale, understood to be the largest-ever single debt offering in Europe.
Birmingham and London-based Wragge & Co posted a half-year revenue figure of £60.6m – up more than 4 per cent from last year. Managing partner Ian Metcalfe attributed the growth to encouraging performances in its real estate, energy and regulatory practices with its Paris office also ahead of budget.
London firm Nabarro also released estimated figures, projecting a 2 per cent rise in revenues to £52.3m.

Revenue drops

According to the newspaper, the drop in revenue at A&O is likely to be replicated at several major English law firms. It maintains that Berwin Leighton Paisner and Addleshaw Goddard are among those expecting half-yearly revenues to have suffered slightly, while Olswang forecast a 3 per cent dip and Herbert Smith Freehills expects a fall of less than 5 per cent.
However, A&O's magic circle rival Freshfields Bruckhaus Deringer has suggested fee income is up by around 5 per cent, and several other firms including technology and intellectual property specialists Bird & Bird and national law firm Irwin & Mitchell have indicated they expect increases in revenue.