Despite a strong showing among the UK mid-market, Legal Week's analysis of the 2014-15 financial results reported so far shows combined revenue growth of just 1.6% as euro exposure took its toll on performance.

Results from the 42 top 50 law firms to have released their 2014-15 performance reveal that overall revenue for the group was £16.2bn, a modest 1.6% increase on their 2013-14 collective turnover of £15.9bn. The average revenue across the group crept up to £384.6m from £378.7m.

The stunted growth reflects the impact of currency fluctuations on firms' results in an otherwise resurgent deals market. As a result performance was not uniform across the firms, with the magic circle and many of the more internationally facing firms growing only modestly in comparison to the more  domestically focused mid-market.

Eight firms posted double-digit revenue increases, the biggest of which were at Stephenson Harwood, Macfarlanes and Addleshaw Goddard.