Magic Circle firm Allen & Overy saw revenue hit record levels in the fiscal year that ended April 30, 2011, the firm announced Wednesday.

Thanks in part to a new Australia practice, which launched last February, gross revenue grew 7 percent to a new high of £1.12 billion ($1.87 billion). The firm’s profit margin rose to 41 percent from 37 percent — its highest level since 2007. But a comparable increase in equity partner numbers meant that average profits per partner remained static at £1.1 million ($1.8 million).

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