Linklaters has seen revenue fall by 8.8 per cent from £1.3bn in 2008-09  to £1.18bn. PEP also fell 6.88 per cent from  to £1.2m. The firm’s “New World” restructuring programme saw it cut back its overall partnership drastically in a bid to improve profitability but the number of equity partners acutally increased depressing the PEP figure.

Meanwhile, Bristol firm, Osborne Clarke saw turnover remained broadly flat, falling slightly from £84m in 2008-09 to £83.7m. The firm followed the trend of improved profits on the back of tighter revenues, posting a 12 per cent rise in PEP to £393,000 for 2009-10.