Pre-tax profits at magic circle firm Allen & Overy grew by 8.4% to £708m - the second best result in the firm's history, according to LLP accounts filed with Companies House for the year ending 30 April. Revenue was up 5%, from £1.55bn to a record £1.63bn, the firm reported. This growth was achieved 'despite a competitive market and pressures from clients to manage total legal spend.'

The profit figure includes a foreign exchange gain of £9m, reversing a loss of £16m in 2018. Exceptional property costs were also recognised in the year, the firm stated. Excluding these effects, profits rose by just 1%.

However profit for the financial year available for division among full partners rose by 10.3% to £443.3m.