A&O Shearman has reported £2.9 billion in revenue and £2 million PEP in its first full financial year since its landmark transatlantic merger.
The results come after a year of transition marked by partner restructuring, some high-profile exits and continued investment in AI.
A&O Shearman has unveiled its first set of financial results since its transatlantic merger went live in May last year, reporting client revenue of £2.9 billion and profit before tax of £1.1 billion for 2024/25.
PEP came in at £2 million which the firm said is higher than either of the legacy firms individually last year on a like-for-like basis. It stressed that direct comparisons with pre-merger figures are complicated by differing accounting methods and A&O’s one-off 2023/24 windfall from the sale of legal tech unit aosphere.
In revenue terms, at $3.7 billion, the results put A&O Shearman firmly inside the top 10 biggest law firms in the world.
A year of transition
The results cap a year of significant change for A&O Shearman as it bedded down one of the largest law firm combinations in history.
In late 2024, the firm moved to a single all-equity model and cut around 10% of its equity partners. The firm has seen a number of high-profile on both sides of the Atlantic since.
Despite that, the firm has continued to invest, with 33 partner promotions and 16 lateral hires during the year. In an eye-catching move in April, it also moved early in the legal AI agent arms race, launching a suite of agents in partnership with Harvey, designed to handle technical workflows like antitrust filings and cybersecurity.
Standout mandates
The firm pointed to a number of US-focused mandates as highlights. It advised the underwriters on TD Bank's $14.6 billion exit from Charles Schwab, and Uber and SAP on major US litigation wins. In Europe, it acted for Prosus on its high-profile €4.1 billion acquisition of food delivery group Just Eat earlier this year.
What they said
Global managing partner Hervé Ekué said:
“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."
He added: "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."
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