What a difference a year makes in commercial law. There was Allen & Overy (A&O) being written off in some circles after a tough 18 months that had raised genuine questions about its ability to keep pace with its three global rivals.

But as A&O’s financial results made clear this week, claims of the firm’s decline have been somewhat exaggerated, with revenue up 20.5% to £887m while average partner profits leapt 31%.