Profit per equity partner came in at US$2.6 million
Global firm A&O Shearman has reported US$3.7 billion in client revenue as of the financial year ending April 30 – its first year since forming as a result of the merger between Allen & Overy and Shearman & Sterling.
Profits before tax came in at US$1.4 billion, and profit per equity partner hit US$2.6 million. The firm’s work on significant global deals contributed to this outcome; among these were:
- Liberty Global’s Sunrise Communications spin-off and dual listing (US$3.2 billion)
- Prosus’ acquisition of Just Eat Takeaway.com (€4.1 billion)
- Exscientia’s merger with Recursion
- Shimao Group Holdings’ offshore debt restructuring (~US$11.5 billion; advised the lenders)
- TD Bank’s departure from Charles Schwab (US$14.6 billion; advised the underwriters)
- XpFibre’s debt refinancing (€5.8 billion; advised the underwriters and funders)
- Uber’s Securities Exchange Act case
- SAP’s litigation over Qualtrics’ sale to Silver Lake Capital (US$12.5 billion)
“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,” said Hervé Ekué, A&O Shearman’s global managing partner, in a statement.
In addition, the firm recorded nearly 120,000 hours of pro bono work in the 2025 financial year, reflecting a 23 percent uptick in average hours rendered per lawyer. It also allocated over US$2.7 million to fundraising efforts, pro bono, and in-kind support via its global charity partnership with Women for Women International.
“We enter our second year as an established global firm, ready to tackle the most critical opportunities and risks facing business today, and we are excited about what lies ahead,” Ekué said. “Our clients are seeing the benefits of this scale and integration, and that momentum is accelerating.”
Ekué was appointed to his leadership role in March 2024 alongside Khalid Garousha as senior partner. Former Shearman senior partner Adam Hakki was named co-chair of the global A&O Shearman board and executive committee.
