Allen & Overy Income Rises for Sixth Year Amid Banker Scandals

Allen & Overy LLP revenue increased by 4 percent to 1.28 billion pounds ($2 billion) buoyed by income from advising clients amid global investigations into manipulation of foreign exchange markets and benchmarks such as Libor.

Profit before tax rose 7 percent to 570 million pounds in the year ending April 30, the London-based law firm said in a statement today.

Allen & Overy represented Aviva Plc in its acquisition of Friends Life Group Ltd., the biggest takeover in the insurance industry in 15 years.

The firm, which has recorded growth for the last six years, is the second of the London law firms known as the Magic Circle to announce its annual results. Linklaters LLP revenue rose 1 percent to 1.27 billion pounds while pretax profit stood at 573 million, a 3 percent increase on the previous financial year.

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