Weil Gotshal & Manges has broken the $2m(£1.03m) barrier for partner profits in 2007, as Manhattan rival Milbank Tweed Hadley & McCloy becomes the latest US firm to post double-digit increases in both turnover and profitability.

Profits per equity partner (PEP) at Weil Gotshal improved by 11% to reach $2.11m (£1.07m), up from last year’s figure of $1.9m (£965,000).