Profits per equity partner (PEP) at magic circle firm Clifford Chance have topped £1m for the first time since the recession.

The end-of-year figures released today by the Canary Wharf-based firm showed revenues were up for the last financial year to £1.22bn, up just 2% on the previous 12 months.

Partnership profit rose by 10% to £381m as the firm expanded into the Middle East and Australia and stabilised in more mature Western markets.

But it is the PEP figures, up by 8% on 2009/10, which stand out, with partners bringing in more than £1m for the first time since the boom years of 2006/07 and 2007/08.

Managing partner David Childs added: ‘The year ahead looks exciting for our firm.

'Our breadth of high-quality practices across all the major financial markets, and our market-leading expertise in regulatory matters, make us extremely well positioned to support our clients’ increasing need for cross-border advice.’

Among the highlights of the Clifford Chance client work was advising on the creation of the €440bn (£409bn) European Financial Stability Fund, with legal work on the packages set up to bolster economies in Ireland, Portugal and Greece.

Offices have opened in Qatar and Istanbul, with 12 out of 23 newly promoted partners this year based in the Asia Pacific operations.