Freshfields matches CC as PEP tops £1m

Freshfields Bruckhaus Deringer has stunned the market by boosting average profit per equity partner (PEP) nearly 25 per cent from £831,000 last year to £1.036m.

The firm has matched its magic circle rivals Clifford Chance, which yesterday revealed a 25 per cent rise in PEP to £1.015m, and Linklaters, which last year set a the million-pound precedent.

Freshfields has achieved the remarkable figures despite a major restructuring, which has led to the departure of nearly 100 partners from the equity at a cost of about £55m.

At the end of the 2006 financial year Freshfields had 521 equity partners. The PEP figure is calculated by using an average figure of 474 equity partners over the the year and a net profit of £491m. These are provisional figures released ahead of audit. Turnover is up 12 per cent to £987m from £882m.