A&O billings inch upward

Allen & Overy (A&O) is set to post provisional billings of £649m, a slight increase on last year’s revenues of £647m.

As with most top 10 City firms, profits are expected to be down on last year’s £675,000 per equity partner.

According to an internal memo, A&O is also expecting to pay out its annual worldwide bonus at the equivalent of three weeks’ pay – again down on last year’s figure.