The world’s biggest law firms have generally seen a reduction in year-on-year profits for the first time in seven years.
Senior equity partners at the 100 biggest law firms drew £1.18 million, a decline of half a percentage point.
Combined revenue at the firms increased slightly, with the top 100 firms bringing in £73.46 billion in 2016, up 2.8 per cent on the previous year.
A league table compiled by Legal Week and The American Lawyer ranked Los Angeles-based Latham & Watkins as the world’s biggest firm by revenue, with Bake McKenzie taking second place.
Third place went to Kirkland & Ellis, while Skadden Arps, Slate, Meagher & Flom took fourth.
Transatlantic firm DLA Piper took pole position four years ago but has since dropped to fifth place.
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