Macfarlanes is the firm with the highest profit margin in the U.K. Top 50, according to an analysis of limited liability partnership accounts that showed a wider decrease in profit margins.

Macfarlanes’ operating profit margin for the 2022-23 financial year was 52%, putting it ahead of Stewarts, Brodies and Fieldfisher, research by audit firm Evelyn Partners showed. In fifth place was legacy firm Allen & Overy, now A&O Shearman, at 43%.