Linklaters has fallen to the bottom of the pile in terms of magic circle partner profits after profit per equity partner (PEP) declined nearly two per cent this year.
The firm announced today that PEP had declined 1.9 per cent to £1.538m – putting it behind Clifford Chance and Allen & Overy which recorded PEP figures above £1.6m and Freshfields Bruckhaus Deringer which bumped PEP above £1.7m this year.
Linklaters revenue grew 5.8 per cent to £1.523bn, up from £1.44bn last year and pre-tax profit stood at £676.2m, up 1.7 per cent from £664.4m last year.
The firm said PEP fell despite an increase in pre-tax profit because of changes in the way it counts its partners around the world.
Managing partner Gideon Moore said: “The firm has performed strongly again this year, achieving a 4.8 per cent increase in income at constant currency.”
On the litigation front it acted for Visa on a series of High Court actions brought by retailers seeking damages for alleged breaches in competition law involving card fees.
Linklaters is the last of the magic circle firms to announce its results this year.
Its revenue of £1.523bn makes it the third-largest of the four magic circle firms, while its PEP figure places it in last place having led the group on that metric last year.
Slaughter and May – also considered a member of the magic circle – does not provide any financial results but last year website Legal Week estimated its revenue at £509.8m and its PEP at £2.35m.