Allen & Overy has announced its revenue for the last fiscal year was up 7% to more than £1.09 billion ($1.77 billion), despite a large number of layoffs.

Profits fell 4% to £431 million ($698 million).

The firm has the second highest gain in revenue for Magic Circle firms, after Freshfields reported a 9% gain.

  

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Founded in 1930, Allen & Overy has approximately 5,500 staff in 31 offices worldwide. It is part of the Magic Circle of London-based law firms.