The numbers are (mainly) in, and so far they’re looking, well, OK – albeit when compared to last year, when numbers were artificially uplifted by currency gains.

Linklaters is now the only magic circle firm still to confirm its 2017-18 results, after Allen & Overy (A&O), Clifford Chance and Freshfields Bruckhaus Deringer posted results that, with the exception of A&O, saw single-digit increases in revenue against double-digit rises in PEP. Results were similar at Ashurst, while HSF is so far the only UK top 20 firm not to see revenue climb year on year.