O’Melveny & Myers has announced virtually flat partner profits for the second year in succession, despite the Los Angeles-based firm boosting turnover by 7.5%.

Profits per equity partner (PEP) at O’Melveny grew by less than half-a-percent in 2007, shifting from $1.63m (£835,000) in 2006 to $1.634m (£837,000) last year. The move represents an increase of just 0.3%.