Partner profits at elite New York firms saw a strong recovery in 2010 after a surge in M&A and capital markets work, reports The Am Law Daily.

Six Wall Street firms in the $2m-plus partner profits (PEP) club saw profitability soar last year, including Paul Weiss Rifkind Wharton & Garrison, which saw PEP rise 15% to $3.05m (£1.9m).