Herbert Smith reported a relatively big increase in turnover during 2005-06, but average profit per equity partner inched up by just 4 per cent to £839,000 ($1.53m) during the past financial year. Gross fees at the City firm increased by 12 per cent, from £265m ($482.4m) to £296.2m ($539m).

Partners at the top of equity saw their drawings rise to a whopping £950,000 ($1.73m), while those at the bottom pocketed a perfectly respectable £409,000 ($744,000).

Herbert Smith's alliance with Germany's Gleiss Lutz and Netherlands firm Stibbe, and its referral relationships with the likes of Cravath Swaine & Moore, Paul Weiss Rifkind Wharton & Garrison and Simpson Thacher & Bartlett, mean the firm has avoided much overseas investment. However, the relationship with Spanish firm Cuatrecasas has cooled of late.

Indeed, Herbert Smith's minimalist international strategy means the lion's share of its revenue (80.4 per cent, or £237.9m ($433m)) is generated out of London. Asia, which generates 12 per cent (£35.5m ($64.6m)) is the largest revenue contributor outside the City. Meanwhile, 7.6 per cent (£22.5m ($41m)) emanates from the firm's European arm, which comprises Brussels, Moscow and Paris.

Herbert Smith's corporate practice, led by Michael Walter, dominated the financial year, contributing 44.2 per cent of global turnover. The group advised on a number of high-profile deals, including the controversial Qinetiq float. More recently it advised UK airports operator BAA on its £9bn ($16.4bn) takeover by Spain's Gruppo Ferrovial, advised by Freshfields Bruckhaus Deringer.

Herbert Smith's most recent international foray has been to open in Dubai. It launched an operation late in 2006, poaching two finance partners from Norton Rose.

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