A&O results: billings flat at £649m

Magic circle firm Allen & Overy is set to post billings of £649m as the financial reporting season opens. The figure, which is still provisional, represents a slight increase on last year’s gross revenues of £647m. In common with most other top 10 City firms, profits are expected to be down on last year’s average of £675,000 per equity partner.
According to an internal memo the magic circle firm is also expecting to pay out its annual worldwide staff bonus at the equivalent of three weeks’ salary.