Willkie Farr & Gallagher has posted a soaring 17% increase in partner profits to breach $1.6m (£836,030) for 2004 – making it the second New York firm to unveil robust financials on the back of a resurgent M&A market.

The 600-lawyer firm saw average profits up from 2003′s $1.41m (£736,750) to hit $1.64m (£856,900) and revenue increasing by 18%, with 2004 fee income at the New York leader reaching $416m (£216.3m) against 2003′s $353m (£183.5m).