Last year it was Linklaters that proved you could be big and global and among the most profitable firms in the world. This year it looks like Freshfields’ turn.

The City giant announced its financials today, unveiling PEP of £1.435m - a jump of almost 40% on last year’s figure. Translate that into dollars and the average equity partner in the magic circle practice is taking home a shade under $3m, an increase of 50% on last year.