Who wants to be a millionaire?

This exclusive club had nine members last year, including some of the most prestigious names in the profession.

 But thanks to the grim economic climate, membership is collapsing and there are now just a handful of hardy souls left.

 Can you guess which elite association we are referring to? Yes – it’s the million pound PEP club.

 Already this year, Clifford Chance, Herbert Smith and, most recently, Ashurst (see story) have dropped out.

 Two of the group’s smaller members, Macfarlanes and Dickson Minto, have yet to release figures but look a safe bet to drop below the magic million figure.

 Which leaves Freshfields, Linklaters and Slaughter and May as the only millionaires so far (see more on Top of the Peps on TheLawyer.com, our rolling tally of law firm financials).
Of course, Slaughters is famously secretive about is its financial performance, but even if the firm follows the current fashion for a 30 per cent fall in profits, with PEP of more than £2m last year it is unlikely to be toppled as the UK’s most minted law firm.

 The final member of the club, Allen & Overy, is due to announce its results tomorrow – and last year PEP was hovering dangerously close to the wire at £1.12m.

 The remaining millionaires will be watching closely to see if A&O is the latest casualty of the recession. Check TheLawyer.com tomorrow.