updated on 15 September 2023
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Allen & Overy LLP has become the highest earning magic circle law firm in the City after overtaking long-term rival.
Allen & Overy’s annual revenue rose by more than 7% in the 2022/23 financial year, sitting at £2.08 billion, beating fellow magic circle contender Clifford Chance to the top spot of The Lawyer website’s revenue table.
Clifford Chance followed closely behind at £2.06 billion, sitting significantly ahead of the two remaining magic circle firms.
Despite Allen & Overy’s financial success, DLA Piper LLP has retained its top position on the overall City revenue table with its financial revenue for 2022/23 coming in at just under £3 billion.
Allen & Overy’s success is attributed to a steady rise in revenue since 2018, with London firm bosses hoping the firm’s revenue can be used as additional leverage in merger discussions with New York firm Shearman & Sterling.