Linklaters and Freshfields Bruckhaus Deringer are the latest magic circle firms to post a modest increase in profits for 2012-13.

Freshfields recorded an increase in profits of 2.4% to £548m. Turnover grew by 7.2% to £1.221bn. Profit per equity partner climbed 7.6% to £1.39m.

Profits at Linklaters increased by 0.2% to £521.9m on a 1% decrease in turnover – now standing at £1.195m, compared with £1.207bn last year. Profit per equity partner (PEP) was up 5.6% to £1.313m.

In its statement the firm said profits increased by 1.6%, with revenue up 1%, if reckoned on a like-for-like basis.

‘We have excluded from this year’s revenue certain associated firms where our arrangements with them have changed and adjusted the comparatives to be consistent. Our arrangements with Lefosse (Brazilian firm) and Allen & Gledhill (Singapore firm) changed during the year and this has been reflected,’ it said in a statement to the Gazette.

Linklaters managing partner Simon Davies noted that merger and acquisition activity remained ‘subdued’ in Europe.

Davies added: ‘In supporting our clients through volatile market conditions, we have achieved stable or increasing income across all practices and regions.’

Freshfields’ global managing partner, Ted Burke, said the firm expected transactional activity to increase as confidence in the global economy strengthens.

Allen & Overy opened the results season yesterday with a profit rise of 2.2% to £496.7m, though PEP was unchanged at £1.1m.

Clifford Chance has words to link just announced its results.

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