Herbert Smith reported a relatively big increase in turnover, but PEP inched up by just 4 per cent to £839,000 during the last financial year. Gross fees at the City firm, meanwhile, increased by 12 per cent, from £265m to £296m.

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

Herbert Smith's PEP figure, however, is inflated because it has a high proportion of salaried partners ('B' partners) compared with its rivals. Indeed, of the firm's 206 partners, only 120 have full equity status, representing just 58.3 per cent of the partnership.

Nevertheless, the firm has a relatively short lockstep, which runs for just eight years. Partners typically enter the equity after spending between three and four years as salaried partners. Upon entering the equity partners receive 43 points and automatically gain seven points a year over eight years. Salaried partners, meanwhile, receive a fixed salary, one profit share point and a bonus.

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, means the firm has avoided much overseas investment.

Indeed, Herbert Smith's minimalist international strategy means the lion's share of its revenue (80.4 per cent, or £237.9m) are generated out of London. Asia, which generates 12 per cent (£35.52m) is the largest revenue contributor outside the City. Meanwhile, 7.6 per cent (£22.5m) 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. During the last financial year 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 takeover by Spain's Gruppo Ferrovial, advised by Freshfields Bruckhaus Deringer.

When senior partner David Gold took office at the start of the last financial year he made growing Herbert Smith's finance division, which lags well behind corporate and litigation, one of his main priorities. Indeed, the firm's ambitious plans for its finance department include increasing its turnover to 20 per cent of of its global turnover within the next four years. However, during the last financial year the finance division's turnover continued to represent 8.5 per cent of global revenue.

Indeed, since then the firm has made a number of significant lateral hires, including most notably Denton Wilde Sapte acquisition finance partners Chris Fanner and Ian Yeo.