Linklaters today revealed a rise in full-year revenue, edging past rivals Clifford Chance and Freshfields Bruckhaus Deringer to become Britain's highest-grossing law firm.

Turnover at the City firm for the year to April 30 was £1.298 billion, £11 million higher than the £1.287 billion full-year turnover revealed yesterday by Freshfields. Clifford Chance, once the world's biggest law firm by revenue, slipped to £1.26 billion for the latest financial year.

However, profit per equity partner (PEP) — the key measure of law firm health — fell almost a tenth, to £1.3 million. Linklaters' partners earned less than those at Freshfields who took home £1.4 million but were significantly ahead of Clifford Chance, where PEP slumped 37 per cent to £733,000.

Linklaters' average profit for all partners, including salaried partners, was just over £1 million, while pre-tax profit decreased by 8.9 per cent to £513.6 million.

Simon Davies, Linklaters managing partner, said: "Our results reflect exceptional circumstances. Clients have turned to us in the crisis to resolve issues of great magnitude and complexity.

"The results are a credit to our people and their outstanding teamwork, creativity and commitment. This will stand us in good stead to work closely with our clients as together we face a challenging year ahead."

Linklaters secured one of the key legal roles to emerge from the financial crisis, advising on the administration of Lehman Brothers' European arm, which generated more than £30 million in fees in the first six months. However, it has also been forced to make significant job cuts as demand slumped in other areas. Around 400 lawyers and support staff have been cut worldwide.

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