Appleby does not disclose turnover but said a focus on relationship management meant billings to its top 20 clients were up by 12 per cent compared with 2013.

Arguably, the most significant move for the firm last year was its licence from China's Ministry of Justice, enabling it to offer legal services from Shanghai. It is the first offshore firm to obtain permission to provide legal advice in China.

The firm made up two partners, in the Isle of Man and Bermuda, while two partners left for Vannin Capital and Cains. However, the net change in the firm's partnership was down by five. In contrast, Appleby saw qualified lawyer headcount soar by 14 per cent to 223 from 196 in 2013. Those changes resulted in a shift in its partner to associate ratio from 1:2 in 2013 to 1:2.8 last year.

Overall headcount was down by 15, from 528 to 513.

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1st Floor
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Qualified lawyers: 223
Partners: 59