He added that the firm saw opportunities in advising clients on the energy transition, technology transformation and private capital work. Mr Dejonghe said: “Like the rest of the sector, we were impacted by the global economic slowdown, inflationary pressure and geopolitical turmoil.” The firm warned of “intensifying headwinds” in the industry. On Thursday, the firm also reported a fall in pre-tax profits to £892m in the year to May compared to £900m in the previous year, despite revenue climbing 7pc to £2.1bn.Īverage profit per equity partner also fell to £1.82m from £1.95m. “As managing partner steered us through the pandemic and played a pivotal role in the negotiations with Shearman & Sterling that set us up for success in the future.” Wim Dejonghe, Allen & Overy’s senior partner, said: “I want to express our gratitude for Gareth’s stellar contribution to A&O over the last 30 years. The firms were previously targeting mid-July for the vote, which will require 75pc of the partnership at each firm to support it before it is given the green light. The deal must still be approved by partners on both sides of the Atlantic, with the vote expected to take place in October. The combined firm will have around $3.4bn (£2.7bn) in total revenue and nearly 4,000 lawyers spread across 49 offices, making it one of the biggest legal players in the world. The surprise resignation comes weeks after Allen & Overy, one of London’s prestigious “magic circle” law firms, revealed plans to merge with New York-based rival Shearman & Sterling. He was elected to a four-year term that started in May 2020. Gareth Price, Allen & Overy’s global managing partner, resigned for “personal reasons” after three years in the job and more than 30 years at the firm. The boss of elite City law firm Allen & Overy has unexpectedly quit in the middle of its planned multibillion-dollar merger with a US rival.
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