Macfarlanes' best-paid partner during 2011-12 took home £1.16m – nearly 50% less than last year's top earner.

The figure, included the firm's recently filed 2011-12 accounts, is down 47% on last year's top payout of £2.2m. However, that figure included payments relating to the partner's retirement.

The accounts also show that the average number of partners at the firm fell slightly during 2011-12 to 70, down from 74 the previous year, with the reduction attributed to retirements.

Meanwhile, the number of fee earners increased marginally to 220, up from 217 in 2010-11, while the total number of support staff was broadly static, down to 189 from 191 last year.

Total staff costs increased to £29.8m from £28m in 2010-11. Of this figure, £25m was paid out in wages and salaries in 2011-12 compared with £24m the previous year.

Macfarlanes senior partner Charles Martin said: "Last year was a pretty good year and we were reasonably pleased with the outcome. This year is going well, but it is too early to call."

Turnover at the UK top 40 firm grew by 7.9% in 2011-12 to £102.2m, while profit for the financial year available for division among members increased 5% to £29.5m. Operating profit in 2011-12 was £50.4m, up from £46.3m in 2010-11.

Macfarlanes has taken a number of key deal roles this year, including the current administration of high street electronics retailer Comet. The firm has also been called in to advise mining giant Bumi on an investigation into alleged financial irregularities in its Indonesian operations.