Allen & Overy (A&O) is the first Magic Circle firm to show its hand in the 2009-2010 financial round, posting a 10 percent increase in average profits per equity partner (PEP) while turnover decreased slightly.

Turnover at the firm fell by 4 percent to 1.05 billion pounds over the financial year, having stood at 1.09 billion pounds the previous year. Meanwhile, PEP rose to 1.1 million pounds from 1 million pounds last year, boosted in part on the back of a 5 percent decrease in average equity partner numbers.