‘PEP Hits New Heights’, ‘PEP Skyrockets’ and ‘PEP Jumps 50%’ were recurring headline themes as firms announced their financial results over the summer, while the U.K. Top 50 had the biggest average rise in PEP in the post financial crisis era.

The increase in partner profits despite a modest average revenue rise of 5.4% was understandable as costs plummeted and transactional activity became frantic.