Freshfields Bruckhaus Deringer has edged ahead of magic circle rivals Linklaters and Allen & Overy (A&O) with an impressive 7% hike in revenues to £1.22bn for the 2012-13 financial year.

The strong performance means Linklaters – which took in £1.195bn during the year – has fallen below its magic circle rivals in revenue terms, effectively swapping places with Freshfields, and is now below A&O, which posted revenue of £1.212bn.