A general view of Bishops Square showing the canopy over the ampitheatre, and No1 Bishops Square John Sturrock 07973 254 298 www.johnsturrock.com Allen & Overy.

Allen & Overy grew its top line by 5% to hit £1.627 billion ($2 billion) for the 2018-19 financial year, meaning three of the Magic Circle firms' revenues are now almost identical.

A&O added £75 million ($94 million) to its revenues in spite of what managing partner Andrew Ballheimer called "an uncertain geopolitical environment". Profits before tax increased by 8% to £708 million ($887 million).

The results put A&O's revenues on a par with fellow Magic Circle firm Clifford Chance, which reported turnover of £1.69 billion ($2.1 billion), and Linklaters, which recorded revenues of £1.63 billion ($2 billion). Freshfields' turnover is slightly lower, at £1.47 billion ($1.8 billion).

A&O's profit per equity partner increased by 1% for the financial year to reach £1.66 million. The figure has jumped around in recent years. Last year, the firm measured an 8% uptick in PEP, but in the previous financial year, the figure had rocketed by 26% and the year before that had dropped by 0.8%.

Ballheimer said in a statement that the firm's growth was the result of its "long-term international investment strategy".

He added: "As we move forward in a volatile market, our focus remains on leading the industry in evolving new ways of supporting our clients and introducing cutting-edge technologies, alongside building the culture of A&O to enable all our people to achieve their best."

The financials come as the firm's merger talks with U.S. firm O'Melveny & Myers edge towards their final stage. O'Melveny's revenues for the most recent financial year stood at $800 million while its profit per equity partner stood at $2.262 million (£1.8 million).

Key mandates for A&O during the financial year included advising Virgin Money on its £4.4 billion ($5.5 billion) merger with CYBG; Marks and Spencer on its £750 million ($940 million) food delivery joint venture with digital grocer Ocado; and acting for the mandated lead arrangers on the €3.95 billion ($4.4 billion) senior term loan financing and €1.1 billion ($1.24 billion) high yield financing for KKR's acquisition of Unilever's baking, cooking and spreads business.

Earlier this year, A&O announced its intentions to shut its Qatar office following a review of its operations in the country.