Around 1.5% sounds like a fairly insignificant percentage. But when that’s how much of your multi-billion-dollar global revenue that is brought in by one client, it suddenly carries a whole lot more weight.
For Allen & Overy, that’s how much it typically brings in from major client Credit Suisse each year: amounting to around £25 million, according to people familiar with the matter. But the number for the current financial year is likely to be less, following the decision by the bank’s general counsel Romeo Cerutti to limit the amount of work given to the firm in the near future after it raised concerns about potential client conflicts and data breaches within the firm.
