Average revenues across the five largest law firms in France grew by 1.7% over the last financial year, with CMS Bureau Francis Lefebvre emerging as the fastest-growing firm in the group.

Research by French publication Juristes Associes shows CMS Bureau Francis Lefebvre's revenue climbed by 6.5% during the last financial year to €145.9m (£128m), significantly faster than the rest of the top five. Gide Loyrette Nouel saw the next best growth in the group, with revenues increasing by 3.6% to €143.2m (£125m), putting it in second place behind Francis Lefebvre.

The rankings show the continued dominance of tax-driven firms, with Fidal once again at the top of the table, with revenues climbing by 1.69% to €300m (£263m), and Ernst & Young and Landwell & Associes making up the rest of the top five.

CMS Bureau Francis Lefebvre managing partner Pierre-Sebastian Thill said: "Ours is a good result in a tough market. There has been a bit of stabilisation compared to the year before but it remains pretty tough."

Gide managing partner Christophe Eck said: "What is happening with the euro crisis has made people very cautious in Europe. Clients have been hit hard over the last few years and so they are being careful, putting projects on hold and postponing them. They remain relatively optimistic but I think there will still be slow growth again next year."

Results across the 50 largest practices in France were mixed, with 12 firms seeing fee income fall, including magic circle firms Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy (A&O), as well as Skadden Arps Slate Meagher & Flom and Salans, both of which saw double-digit drops in revenue.

In contrast, 11 firms saw double-digit increases in revenues, including Paris-based Carbonnier Lamaze Rasle & Associes, which saw the biggest climb in revenues, with a 28% increase to €15.5m (£13.6m), and Willkie Farr & Gallagher, which saw revenues grow by 20.5% to €39.9m (£35m).

Latham & Watkins is the largest international firm in France, with the firm seeing local revenues climb by 5.9% to €95.6m (£84m) in 2010 – putting it ahead of Clifford Chance (CC), Linklaters, Freshfields and Bredin 
Prat in the top 10 law 
firms by turnover.

Within the magic circle, CC saw revenue grow 1% last year to £95m, the seventh highest in France, while Linklaters, Freshfields and A&O all saw declining revenues.

CC Paris managing partner Yves Wehrli commented: "Income is up again after two years of contraction, which is a good reflection of the quality of work we are doing and our strategy to not cut our finance practice during the downturn like a lot of other firms were doing at the time."