Magic circle firm Linklaters has reported a fall in profit for the year ended 30 April 2020, following rival Allen & Overy’s announcement yesterday.

Pre-tax profits at the firm dipped by 3% from £751.6m to £726.9m, while profit per equity partner fell by over 5% to £1.61m. Revenue is up 0.7% at £1.63bn.

Gideon Moore, Linklaters’ firmwide managing partner, said: ‘Covid-19 came at the tail end of what was a strong year for us at Linklaters. Notwithstanding the change in circumstances arising as a result of Covid-19, we have been able to continue to support our people and our clients. Our long-term strategy remains unchanged: investing in our globally diverse talent base and growing our practices sustainably to best serve our clients.’

Yesterday, Allen & Overy also reported a dip in pre-tax profit and PEP. Rivals Clifford Chance and Freshfields are expected to publish results in the coming weeks, markedly later than in recent years.