The firm attributed the fall in revenue during 2015-16 to the departure of a 13-partner team from its Berlin office, leaving it with one German office – in Munich. Olswang said the separation was reached “by mutual agreement”.

The firm has cut its net debt to £5.3m, down from £10.1m the year before. In total, the firm’s debt has fallen 76% during the past two years from £22m at the end of 2013-14.