Profits per equity partner stayed flat at magic circle firm Allen & Overy in 2015/16, amid a slowdown in China and uncertainty over the UK’s referendum.

Average profit per equity partner remained level at £1.2m for the year ending 30 April 2016. 

Profits before tax dropped 1.4% to £562m, which the firm attributed to a change in the International Financial Reporting Standards accounting provisions for pensions and property costs.

Meanwhile revenue rose 2.3% to £1.31bn, which the firm said underlines the natural hedge provided by its geographical spread and breadth of expertise.

According to the firm, there were particularly strong performances in the first half of the year in London, improving trading conditions in the rest of Europe and strong performances in regions including the Middle East and China.

Andrew Ballheimer, global managing partner, said: ‘The year has seen mixed markets around the world.

‘On the one hand we had an M&A boom in developed markets during calendar 2015, while on the other hand clients also had to contend with a slowdown in China, the collapse of oil and commodity prices and rising uncertainty over the UK’s referendum.’

He added: ‘As we move into an uncertain climate, the resilience we have built into our business in the variety of the work we do, our strength across Europe and the rest of the world and our alternative delivery models puts us in a strong position to help our clients, whatever challenges they face in the weeks and months ahead.’