Partners at the top UK law firms pocketed record pay packages last year, as a resurgence in activity in Asia offset a more sluggish domestic market. Equity partners at Linklaters and Clifford Chance took home an average of £2.5mn and £2.3mn respectively for the year to the end of April, beating their own records, while A&O Shearman partners received £2.2mn.

Mid‑market firms Ashurst and Simmons & Simmons also reported their highest‑ever profit per equity partner at £1.6mn and £1.25mn. The results were helped by a spate of new listings in Hong Kong, boosting IPO work and related transactions. Linklaters’ profits increased 36 per cent in Asia while Clifford Chance reported revenue growth of 26 per cent; each firm advised on four of the ten largest listings in 2025.

The buoyant Asian activity contrasted with a subdued UK market, where firms posted only single‑digit or low double‑digit revenue growth, largely reflecting inflationary rate increases rather than real demand growth, according to recruiter Scott Gibson. US‑focused growth also slowed, with Clifford Chance’s Americas revenue rising 9 per cent after larger gains in prior years.