Theodore Goddard has propelled itself into the same profit league as corporate powerhouses Norton Rose and Ashurst Morris Crisp in the space of one year, with the firm posting an unprecedented 48% increase in profits, to an average of £400,000 for the firm’s 31 equity partners.

The firm, which clocked up profits per partner of £270,000 last year, also saw its turnover for the 1999-2000 financial year shoot up 24.6% to £39m, up from £31.3m the previous year.