Freshfields Bruckhaus Deringer’s turnover dropped nearly 4 per cent in the 2010-11 financial year, audited figures show.
The firm’s LLP filings show that it brought in 1.116bn in fees during the financial year, just under 4 per cent down on the £1.158bn it turned over in 2009-10.
The latest figure is lower than the £1.14bn unaudited turnover figure announced last July (8 July 2011).
The drop means Freshfields is overtaken by Allen & Overy in the turnover rankings, with the magic circle rival posting a revenue figure of £1.12bn (6 July 2011).
The accounts also show a 7 per cent drop in the amount taken home by the highest-earning partner. The figure, which can include payments made to a retiring partner, dropped from £2.7m in 2009-10 to £2.5m in 2010-11 and is significantly above the top of equity figure of £1.475m.