Magic circle rivals Linklaters and Allen & Overy posted more modest increases of one per cent and 0.8 per cent respectively. However, Linklaters saw average profit per equity partner soar by 6.5 per cent from £1.243m to £1.261m while A&O PEP stayed level at £1.1m, according to figures reported by The Lawyer.

'Volatile market conditions'

Other firms which saw healthy returns include Clyde & Co, which saw revenues up 17.5 per cent from £287m to £336.6m – largely due to this being the first full financial year since its 2011 merger with Barlow Lyde & Gilbert.
Linklaters managing partner Simon Davies told GLP: ‘In supporting our clients through volatile market conditions, we have achieved stable or increasing income across all practices and regions.
‘Restructuring, regulatory and contentious work continue to be very active as we support our clients on the complex issues faced in these areas. Our financial resilience allows us to invest in these and other areas where we see growing client demand. M&A activity remains subdued, especially in Europe, however our international strength for cross-border matters, encompassing all developed and emerging markets, has given us the opportunity to advise on some of the most significant and complex matters of the year.’