For a generation, Skadden Arps Slate Meagher & Flom stood alone globally among law firms in combining mammoth size with regal wealth. Well, move over, Joe Flom. With revenue of £1.121bn and profits per equity partner of £1.294m, Linklaters has surpassed Skadden on both measures. As managing partner Tony Angel’s nine-year tenure draws to a close, Linklaters is both big and rich.

“The elite New York firms used to say that the big UK firms are so big that they cannot get their profits up,” says Tony Williams of consultancy Jomati. “Well, they can and they have.”