City firm Macfarlanes has announced a 14% rise in profit for the year ended 30 April 2020, while partner profits edge towards £2m.

Operating profit now stands at £126m – up 14% year on year – while profit per equity partner leapt by 10% to £1.91m. Turnover also grew by 10% to £237.7m.

Senior partner Sebastian Prichard Jones said: ‘The 2019/20 financial year was unusual in a number of respects but ultimately turned out fine. There are many reasons why the year might have turned out differently and more negatively (including the governmental situation, elections, Brexit and then Covid/lockdown).

‘We were fortunate in that our clients remained active right across our three main practice areas (transactions, disputes and advisory). Looking ahead, the picture is unclear. Given the overall economic situation, we expect the 2020/21 year to be challenging for the market as a whole.’

The firm also announced that it is taking on 22 of its 25 trainees qualifying this September (88%). However, the base salary for NQs – which was boosted to £85,000 last summer – has been reduced to £80,000. Individual and firmwide bonuses will be paid in addition to this as usual.