Allen & Overy LLP has announced a decline in revenue of 2.7 percent compared to the same period last year.

The firm turned over US$909 million in the six months to 31 October 2012, down from US$939 million in 2011. According to the firm’s senior management, the results reflect a sustained reduction in transaction levels in most markets. “Market conditions will no doubt present further challenges during the second half but we are confident that if we maintain our focus and stay close to our clients, the underlying resilience of our business will stand us in good stead," said managing partner Wim Dejonghe.  Despite this, the firm saw a strong performance in Germany during the reporting period.

High profile instructions over the past six months included advising on Italy's E$18 billion bond issue, the largest amount ever sold in a single debt offering in Europe; advising Hong Kong Exchanges & Clearing Limited (HKEx) on its £1.388 billion recommended cash offer for The London Metal Exchange; ING on the sale of its Malaysian life insurance business to pan-Asian life insurer AIA; and representing Samsung Electronics on the French part of its worldwide IP litigation against Apple Inc concerning the parties' smartphones and tablets.

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