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Promotions underline continued global growth and investment in women

2 May 2009 – LawFuel.com – International Legal Newswire Service –

Allen & Overy today announces 20 promotions to partner across 10 offices in 9 countries. The promotions, with effect from 1 May 2009, bring a record proportion of women into the partnership – 40 per cent of new partners are women – and, for the second year running, 70 per cent of new partners are based outside London.
These promotions underline Allen & Overy’s continued investment in its global business, and its commitment to retaining women and enabling them to progress to senior positions within the firm.

Senior partner David Morley comments: “Clearly we are navigating through a very challenging time for the business, but throughout the global restructuring process we have been clear about the need to invest in the future of our firm. These new partners are among our brightest talent around the world and I am delighted to welcome them to the partnership. I am especially glad to see a record percentage of women promoted to the partnership.”

David continues: “Despite the ongoing turmoil in the global financial markets, we still believe that our global model and strategy of international growth is right. Last year, over 50 per cent of our turnover was generated outside the UK and over 70 per cent of partner promotions were international. This year, again, 70 per cent of new partners are based outside the UK, demonstrating the continued investment in our international network.

“We have said all along that we must continue to invest in the future of our business – and these promotions demonstrate our desire to be in the strongest possible position when the markets pick up, as they will.”

The new partners come from the corporate, banking, international capital markets (ICM), litigation and tax practices across Allen & Overy’s global network.

All but three of the most profitable New York law firms saw profits per partner fall, the American Lawyer reports.

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