A&O Shearman reports 3.7 billion revenue following historic merger
A&O Shearman has revealed impressive financial performance in its inaugural year as a combined entity, generating £2.9 billion in revenue (equivalent to $3.7 billion).
The merged firm’s results for the financial year ending April 30, 2025, show pre-tax profits reaching £1.1 billion. Profit per equity partner settled at £2 million ($2.6 million), though this represents a decrease from Allen & Overy’s standalone 2024 PEP of £2.2 million.
According to the firm, the previous year’s performance for legacy A&O included gains from the strategic partnership with Inflexion relating to aosphere. The company emphasized that when comparing equivalent metrics, A&O Shearman’s current PEP exceeds what either predecessor firm achieved individually in the prior period.
The financial results demonstrate both the strength of the firm’s single, integrated global partnership and a year of investment in the newly combined firm, according to the company’s official statement.
Global managing partner Hervé Ekué (pictured) commented: “In our first year as a merged firm, we have delivered strong results while making important investments in our business, including reshaping the firm to ensure we are optimally positioned to meet client needs. We have created a significantly enhanced proposition for our clients: when global businesses face their most pressing strategic needs, they need counsel that can deliver seamlessly across markets and industries. That’s exactly what we’ve built.”
Prior to the May 2024 combination of Allen & Overy and Shearman & Sterling, firm leadership had projected revenues could reach $3.5 billion. These actual results would position A&O Shearman as the fourth-largest firm in the 2024 Global 200 rankings, surpassing Baker McKenzie while remaining below DLA Piper.
The revenue achievement creates substantial distance between A&O Shearman and its traditional ‘magic circle’ competitors: both Clifford Chance (£2.4 billion after 9% growth) and Linklaters (£2.32 billion) now lag by approximately £500 million.
