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"i'm very bullish about the future of the firm," says david. "we occupy a position very few of our competitors enjoy, particularly with the growing trend towards globalisation and the fact that businesses are increasingly working across borders. "i see growing demand for top-tier legal advice from firms that can deliver local market knowledge across multiple jurisdictions. we are right at the leading edge of that in our profession." "i need lawyers who think like that." evidence of this can be found in a&o's changing revenue streams and work patterns in recent years. some 60% of revenues now come from outside the uk. nearly 70% of matters now involve offices in two or more countries – compared to two-thirds a year ago – and nearly 50% involve three countries or more. "it's not just that a&o has the largest network of offices around the world," david says. "it's about an attitude of mind." he recalls a recent conversation with the general counsel of a major investment bank who said every single issue currently on his desk was global and cross-border in nature, adding: "i need lawyers who think like that." but if that's the obvious trend for the profession at large, what makes a&o stand out from its competitors? wim points to a curious paradox. some firms are trying to build a global footprint by opening new offices, but continue to run each as separate local entities. others are concentrating on quality services and are confining their operations largely to the world's major financial centres. "the sweet spot for us is that we combine our global footprint with a quality offering that is truly integrated. it's not just about having loads of offices – you need to have the mindset to get these offices working at the highest possible level in an integrated way." the last 18 months has seen a&o break new ground and invest in offices in australia, indonesia, morocco, qatar and washington dc. more openings are on the cards. so how do you invest with confidence when world affairs are so unpredictable? "if you are embedded in local communities you have an advantage," says david. "you can see these events in their local context, take a more balanced view, spot opportunities ahead of others and read the investment climate more accurately." given that, it's not surprising to find that both men see increasing opportunities arising both in latin america and, in the long term, africa. "it's all about investing in the right place, in the right way at the right time," says wim. that's been the successful strategy in the asia pacific region where, in response to huge growth in china, india and korea and booming demand for resources in australia and indonesia, a&o has built the largest presence of any top tier firm, doubling the number of partners in the region in two years. but while the eventual goal is to be the world's leading global law firm, it is absolutely not about being the biggest. "scale does matter," says david. "having revenues of some £1.1 billion and 2,600 lawyers around the world means you have the right resources to bring to issues as they become more complex. but we don't need to be the biggest, and that's certainly not our ambition." investing through the downturn the growth strategy has been pursued right through the downturn, with a&o determined to keep investing in offices and lateral hires, while others have held back. "why? well any private equity house will tell you it makes sense to invest counter-cyclically if you want to achieve real value," says wim. "but you have to do that from a position of strength, financially and culturally." "that's a tribute to the attitude our partners take," adds david. "in tough times it can be very tempting to focus on profitability and personal reward – the dollar today. a lot of partnerships work like that. "but our partners recognise there's a longer game to be played and that they have a responsibility to pass on the firm in better shape than they found it." heavy investment in recent years has been focused on three main areas – boosting the firm's practice areas, advancing into key new geographies and deepening the relationship with key clients. protecting existing profits in the short term is also vital. that means making efficiency gains and offering new services in established markets, like the uk and benelux, where the firm's market position is strong; and building market share in other established markets like the us, france and germany – during the year, new york was the busiest office and third largest in revenue terms. and it means challenging incumbents with a new business model in markets like australia and building strategic partnerships in emerging markets like china and india, where a&o is still prevented by law from offering services directly. "when these rules change – and they undoubtedly will – we want to be there on day one and first out of the starting blocks," says david. "that's our strategic framework, but, in the end, it is always about people. it's not just about finding the right place to invest. if you can't find the right people you just don't go ahead. washington is a case in point. we've been looking to open an office there for years. we've only recently found the right people," says wim. the firm in 10 years' time amongst the most important investments of the last year has been a new support and legal services centre in belfast, which will save a&o £11 million in the first five years and at least £8 million per year thereafter. it will house many previously london-based functions like hr, it and finance as well as standardised legal services. "it's all about the future," says wim. "we've taken a view about what the firm will look like in 10 ye

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Domain Name: allenovery.com
Registry Domain ID: 54952_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.ascio.com
Registrar URL: http://www.ascio.com
Updated Date: 2017-03-23T10:08:08Z
Creation Date: 1995-04-18T00:00:00Z
Registrar Registration Expiration Date: 2018-04-19T04:00:00Z
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Registrant Name: Partnership Secretary
Registrant Organization: Allen & Overy LLP
Registrant Street: One Bishops Square
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Registrant Postal Code: E1 6AO
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  REGISTRAR ASCIO TECHNOLOGIES, INC. DANMARK - FILIAL AF ASCIO TECHNOLOGIES, INC. USA

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