A snap survey by the Gazette of City firms which have reported their annual results shows big rises in income and profits at many of the sector’s leading lights.

Most have reported profit and revenue growth, while profit per equity partner (PEP) soared at international firms including Ashurst and Hill Dickinson.

Among the magic circle, Linklaters displayed the most impressive growth, with profit up 11% and PEP up 10.5%. However, Freshfields’ PEP came out on top, at £1.84m. Corporate firm Macfarlanes was a close second, reporting PEP of £1.73m.

Figures disclosed by litigation firm Stewarts were less buoyant, however, with net profit and PEP falling for the second year in a row.

Firm namePEP 2018/19Turnover 2018/19Profit 2018/19

Allen & Overy

£1.66m (+1%)

£1.63bn (+5%)

£708m (+8%)

Ashurst

£972k (+30%)

£641m (+14%)

n/a

Baker McKenzie

$1.48m (+3%)

$2.92bn (+1.2%)

$1bn (+2%)

Bird & Bird

£575k (+4.4%)

£361m (+7%) 

n/a

Clifford Chance

£1.62m (+1%)

£1.69bn (+4.3%)

£637m (+2%)

DAC Beachcroft

£570k (+7%)

n/a

£52m (+10%)

Dentons

£676k (+4%)

£229.8m (+13%)

n/a

Fieldfisher

£805k (+7%)

£242m (+17%)

n/a

Freshfields

£1.84m (+6%)

£1.472bn (+5%)

£688m (+1%)

Herbert Smith Freehills

£949k (+11%)

£965.7m (+4%)

£307.6m (+11%)

Hill Dickinson

£370k (+26%)

£90.45m (-7%)

£16.8m (+7%)

Linklaters

£1.7m (+10.5%)

£1.63bn (+7%)

£751.6m (+11%)

Macfarlanes

£1.73m (+0%)

n/a

£110.8m (+4%)

Pinsent Masons

£620k (-5%)

£482m (+7%)

£192.4m (+2.5%)

Shoosmiths

£441k (+2%)

£137.6m (+7%)

£37.9m (+6%)

Stewarts

£1.2m (-16%)

£69m (+11%)

£24.6m (-13%)

Taylor Wessing

£655.2k (+13%)

£156.6m (+8%)

£62.6m (+10%)