Total revenue for the combined firms was £19.1 billion. The best paid equity partners - from Slaughter and May - received £2.55 million a head. DLA Piper and Freshfields were among the top performers; both pushed up average profits per equity partner by 8 per cent.

Mishcon de Reya was one of the more niche firms which had a strong year. Its revenues went up by 21 per cent.

Legal Business's national editor Mark McAteer was quoted in CityAM as saying: 'It is interesting to note that it is firms outside the Magic Circle of law firms that are driving the sector’s growth. Magic Circle firms ... whilst in rude health with combined revenues of £5.3bn, managed growth of just one per cent.'