Three magic circle firms have posted steady but unremarkable financial results as testing market conditions continue to prevail.

Freshfields Bruckhaus Deringer, Linklaters and Allen & Overy all released figures for the 2010/11 financial year.

At Freshfields, revenue fell marginally on the previous year, with profits per equity partner down by 6.9% to £1.3m.

Linklaters fared slightly better, posting a revenue increase of 1.4% and average PEP up by 0.9% to £1.22m.

Allen & Overy increased turnover by 7% to £1.12bn, but saw overall profits rise only marginally because of a steep rise in staff costs and £24.6m spent on a London office reorganisation.

PEP remained at £1.1m, though average equity partner numbers rose over the year from 355 to 398.

All three firms said investment in the far east had helped to keep profits stable, with a number of new office openings helping to offset a stagnant domestic market.

Allen & Overy opened a new office in Jakarta last year and will soon open another in Washington DC.

Linklaters opened a second base in Dubai this month.