Global PEP for the firm’s 196 equity partners performed far better, up by almost 14 per cent to £804,000 from £714,000 in 2005. This result was generated off a global net profit of £157.61m in 2006.

But London fared less well, generating a profit of £19.57m, despite the office landing some choice instructions, such as the lead role in advising Nokia on its £10.97bn network merger with Siemens.

Shearman’s disappointing London results follow a tough period for the office following a spate of partner losses, including that of rated corporate partner Jonathan Coppin to Hogan & Hartson in July 2006. That said, the London office did swoop for Freshfields Bruckhaus Deringer co-head of dispute resolution Jo Rickard, who left because of Freshfields’ pension reform.