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Based on preliminary results PEP at the all-equity partnership is expected to rise from £700,000 to £830,000 for the 2005-06 financial year. Top of equity is predicted to rise by 14 per cent from £860,000 last year to £975,000.
Despite the increase Freshfields’ PEP is significantly lower than that of magic circle rival Linklaters, which saw average partner profit breach the £1m barrier for the first time (The Lawyer, 22 May).
Meanwhile, as first reported in The Lawyer this week (29 May), Clifford Chance’s average PEP is due to increase to £810,000, up from £615,000 last year.
Freshfields turnover for the last financial year is expected to jump by 13 per cent from £780m last year to £880m.