Watson Farley & Williams and Holman Fenwick Willian have posted rising profit per equity partner (PEP) figures for 2016-17, while insurance rival Kennedys has seen PEP dip after a sustained period of international expansion.

Watson Farley has posted a 27% PEP increase to £608,000, up from £480,000 last year. The top of the firm’s lockstep now stands at £1.5m, with the bottom of the lockstep at £255,000.