International firms see revenue growth in FY2017

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Key international law firms with substantial India practices announced increases in revenues and profits for the financial year ended 30 April 2017.

Allen & Overy recently announced a 27% increase in global profits and a 26% rise in profits per equity partner (PEP). The firm’s annual revenue rose by 16% to £1.52 billion (US$1.98 billion), while its profits were £716 million and PEP £1.51 million.

Allen & Overy, which advised on bond offerings by Hindustan Petroleum, ONGC Videsh, Indian Oil Corporation, Oil India and Bharat Petroleum Corporation, said that 74% of its £1.52 billion revenue was from matters involving two or more countries.

At Clifford Chance revenue rose 11% to £1.54 billion. PEP grew 12% and stood at £1.37 million. The firm advised the underwriters of the IPO by IRB Infrastructure Developers’ infrastructure investment trust, which was the first of its kind in India. It also advised the underwriters of the US$184 million IPO of BSE (formerly the Bombay Stock Exchange), which was the first listing of a stock exchange in India.

Linklaters had annual revenue of £1.43 billion, up from £1.31 billion a year earlier.

At Freshfields Bruckhaus Deringer, revenue was up 0.3% to £1.33 billion, while its PEP increased 5% to £1.55 million.

Baker McKenzie announced revenue for the year ended 30 June was up 5% and stood at US$2.67 billion. The Asia Pacific region accounted for 26% of the firm’s revenue. PEP was up 1.2% and stood at US$1.3 million.

The firm said more than 300 lawyers globally worked on India-related matters, which are “an important and sizeable part” of its business.

Ashurst, which has a non-exclusive “best-friend” referral arrangement with Indian Law Partners, led by Gopika Pant, announced that annual revenue grew 7% to £541 million, while PEP rose 11% to £672,000.