Freshfields Bruckhaus Deringer has posted a 9% increase in revenues for 2008-09, taking it ahead of magic circle rival Clifford Chance (CC) by turnover.

The firm's revenues for 2008-09 stood at £1.287bn, up from £1.178 in 2007-08, with the turnover figure pushing it ahead of CC by fee income.

Profits per equity partner (PEP) stayed roughly static, standing at £1.444m for 2008-09, compared with £1.435m the previous year. Freshfields' PEP now stands at virtually double that of CC (see story, left).

Freshfields chief executive Ted Burke said revenues were inflated by the falling value of the pound against the euro and the dollar. Without the currency fluctuation, revenues would have been marginally down on last year.

Burke highlighted Freshfields' involvement in the financial services sector, restructuring and litigation as high points for the firm.

The firm has done well out of its longstanding relationship with the Bank of England as well from working on capital injections into the Royal Bank of Scotland and Lloyds Banking Group.

Burke told Legal Week: "We have had a good year, given the circumstances, and we are pleased with that. A lot of our people worked very hard on some important instructions and our success is owed to that hard work.

"The most pleasing thing for us is being called upon by our clients in so many critical situations – that is a great source of pride."

Unlike most of its rivals, this year Freshfields has not announced any significant redundancy programme at associate or partner level.