Lovells bounced back from its woeful 2004-05 financial results after reporting a record rise in profit for the last financial year. Average profit per equity partner jumped from £427,000 ($777,000) to £571,000 ($1.04m), sending it 23 places up the global profit table.

Lovells' turnover, however, increased by just 8 per cent, from £366m ($666m) to £396m ($720m), with most of the growth coming from its international network. London revenue inched up by a modest 2 per cent, but the firm's US, Asia and Continental Europe offices witnessed revenue rises of 20 per cent, 20 per cent and 15 per cent respectively.

The results were a huge boost for Lovells, which had seen a 21 per cent slide in profit during 2004-05. The jump in the firm's top of equity was also symbolic, as at £718,000 ($1.31m) it exceeded the 2003-04 figure of £635,000 ($1.16m).

The recovery followed an aggressive restructuring scheme that resulted in 25 partners getting the axe in December 2005.

But Lovells had its fair share of turmoil in the current financial year, notably in Germany. It suffered the defection of a number of key private equity lawyers to Clifford Chance, and finance lawyers to Sidley & Austin.

It also effectively exited Berlin after a review of the German practice. That review stated that the finance practice in Berlin effectively needed to move to Frankfurt in a bid to boost its capability in the financial capital.

Progress in Asia has also been relatively slow. A plan to launch strategic alliances in South East Asia had already stalled in mid-2004 after Lovells Asia corporate head left the firm. Since then there has been little movement.

• The Top 100: 1-25