The top firms have been boosted by an increase in high value M&A work, capital markets and bank regulatory and litigation issues. Tony Williams of legal consultancy Jomati told the Financial Times: ‘The magic circle have used the downturn well. They have really turned the screws on the rest of the market, and it is the biggest clear-blue water we have ever seen between the magic circle and other firms.’

Freshfields sees revenue increase

Freshfields Bruckhaus Deringer has seen its revenues rise 0.9 per cent in 2013/14, meaning that it has maintained positive figures for two years running. The firm has fluctuated between revenue growth and fall over the last five years - but the latest results mean that, rather than alternating from one year to another, the practice has shown two years of growth. This year’s income rise, however, was much lower than the 7.2 per cent  recorded last year. Strong parts of the practice have been Asia and the US, especially the US dispute resolution area. 

Linklaters up five per cent

Linklaters, meanwhile, has seen its revenue rise by five per cent in 2013/14, putting the firm in its best revenue position in five years. The rise is up five per cent from £1.195bn, but the firm is still behind Clifford Chance, which reported a revenue of £1.359bn. However, the firm was ahead Bruckhaus Deringer, who reported £1.232bn for the 2013-14 fiscal year. Linklaters PEP for the 2013-14 fiscal year rose 5.9 per cent, reaching £1.391bnSources: The Lawyer and Financial Times