The firm’s revenue in 2020-21 rose by 16.4 per cent to £303.7 million, The Times reports. Profits reached £164.2m, up 15.4 per cent on the previous year.

Fully equity partners at the firm are now being paid an average of £2.48 million each, putting it at the top of the LLP league table.

While the firm did not confirm how many of its partners had a full equity stake, it is thought to be about 60.

Salaries for NQs at the firm will rise to £107,500.

Sebastian Prichard Jones, senior partner, said the firm was “fortunate to operate in areas which saw sustained high levels of client demand across the market” but warned that contraction lay ahead. “We are already seeing much more caution in the market,” he said.