Freshfields is the second magic circle firm to report marginal increases in profit for the year ending 30 April 2019.
The firm today disclosed net profit rose 1% to £688m and profit per equity partner (PEP) grew by 6% to £1.839m. Revenue increased by 5% to £1.472bn.
Last year, Freshfields’ net income and PEP both grew by a healthier 12%.
Managing partner Stephan Eilers said: ‘After a strong fourth quarter, the new financial year has started well and we remain confident in our prospects and our strategy.’
Clifford Chance, which yesterday reported a 2% increase in partnership profit, said ‘widely reported headwinds’ from the third quarter onwards had impacted profits.