Partners at Magic Circle firm Allen & Overy had a good year with average profit per equity partner rising by £400,000 to £1.5 million, the latest accounts reveal. With its highest earning member earning £3.5 million, the firm saw turnover rise by 16 per cent to £1.5bn whilst profits were £716m. Management received £15.8m, up from £13.6m the previous year. The figures are up to 30 April 2017.

Clifford Chance payout

Meanwhile Clifford Chance's 568 partners shared a £477 million payout last year with 13 partners in the executive management team awarded £16 million. Exchange rates helped revenues rise from £1.3 billion to £1.5 billion for the firm with the UK accounting for £507 million, Continental Europe £506 million and the Americas at £202 million. Asia Pacific grew fastest - with revenues at £276 million, a 23 per cent jump from the previous year. Whilst turnover was up by 11 per cent on the previous year, excluding exchange rates, this dropped to two per cent.