Allen & Overy grew its top line by 5% to hit £1.627 billion ($2 billion) for the 2018-19 financial year, meaning three of the Magic Circle firms’ revenues are now almost identical.

A&O added £75 million ($94 million) to its revenues in spite of what managing partner Andrew Ballheimer called “an uncertain geopolitical environment”. Profits before tax increased by 8% to £708 million ($887 million).