Allen & Overy today (13 July) announced the shock resignation of managing partner Gareth Price amid a set of financial results that saw the Magic Circle firm break £2bn in revenue for the first time.
The firm said Price’s resignation was due to ‘personal reasons’ and came as revenue jumped nearly 8% from £1.94bn last year to £2.1bn in 2022/23. While eye-catching, the level of turnover growth fell slightly short of the 10% uptick achieved last year, of which more than half was attributed to A&O’s US business.
