Norton Rose saw turnover fall slightly for 2009-10; profit per equity partner (PEP) figures have not yet been finalised. Revenues were down by 2% to £307m, from £314m last year. A small decrease in PEP is expected compared to last year’s figure of £517,000 which represented a 17% drop from a high of £625,000 in 2007-08.

LG has had rather better fortunes. Revenue has increased and, more dramatically, PEP has shot up by 64% from last year’s figure of £281,000 to a new high of £460,000. That puts partners in a better position than just before the crash in 2007-08 when it stood at £430,000.

Finally, Field Fisher Waterhouse has seen revenues fall 3.2% from £95m to £92m this year and PEP has also taken a hit, falling from £5155,000 in 2008-09 to £476,000; a 7.6% decline.