News of the early financial results comes as both Simmons & Simmons and Freshfields Bruckhaus Deringer announced their associate salary rates for 2008.

Freshfields has broadly matched magic circle rival Linklaters by upping its newly-qualified (NQ) rate to £66,000 from £65,000. The figure – on par with Link-laters – represents a 1.5% increase on last year’s NQ rate, with those further up the bands receiving increases of around 2%.