Allen & Overy (A&O) has announced an increase in turnover of 11% from £659m to £736m with average equity partner profits up 20% to £788,000.

This is the second time the 342-partner firm has disclosed its figures since converting to limited liability partnership in 2004. The results show the firm has 82 fixed-share partners, 61 of which are due to become equity partners in the next two years. The firm’s lockstep ladder ranges from 20 to 50 points, with partners rising two points each year.