Allen & Overy, Dentons and Stephenson Harwood are among the firms battling it out to be crowned Law Firm of the Year at tonight's British Legal Awards. The firms sit on a seven-strong shortlist that also includes RPC, Signature Litigation, Taylor Wessing and Watson Farley & Williams.

In contrast to virtually all of the other awards at tonight's event, the shortlist was put together by Legal Week's editorial team, with the selected firms invited to make submissions which were then reviewed by our independent judging panel. Here we explain our reason for shortlisting the firms we did.

Allen & Overy

On the face of it, there are a lot of similarities across the magic circle if you leave Slaughter and May and its UK-centric model out of the equation. But one firm in this international group set itself apart from its peers over the last financial year.

While its revenue growth of 4% during the 2014-15 financial year is behind that achieved by other firms on this shortlist, Allen & Overy (A&O) outpaced its rivals. In a year in which the most international firms were hit by the impact of significant currency fluctuation A&O was the only magic circle firm to achieve revenue growth of more than 1%, pushing it ahead of both Linklaters and Freshfields by turnover. And its 8% profit per equity partner (PEP) rise was more than four times' that of Linklaters' 1.8% growth, with both Freshfields and Clifford Chance seeing declines in PEP.

The financial performance represents a sixth consecutive year of record-breaking financial results for A&O, with the firm's net profit rising 25% since 2011 and its revenue up £145m over this time. And this financial improvement has come alongside investment in its platform, with A&O becoming the first magic circle firm to open a standalone office in South Africa in late 2014 and also opening in South Korea. Since 2011 it has increased its office count by 25%, with partner count climbing by 8%.

Meanwhile, its now much-imitated Belfast support centre, which opened in 2009, has now grown headcount to more than 400, while the firm has also expanded its contract lawyer business Peerpoint to the international stage.

Dentons

In our opinion, it would be impossible to exclude Dentons from this shortlist given the speed, scale and sheer headline-grabbing nature of the firm's expansion in recent years. Kicking off 2015 with a merger with Chinese giant Dacheng, the firm has propelled itself to the top of the lawyer headcount rankings, and is now the largest law firm in the world by some distance.

Not content with more than doubling its lawyer count in this deal alone, the 'polycentric' firm has gone on to announce tie-ups in Singapore, Australia and Luxembourg to add to the firms it has already joined forces with in Canada, the US and Europe. And even where the firm has not carried out mergers, it has been bringing in large numbers of laterals.

While it is still too early to judge its long-term success, in the short term the firm has seen a significant pickup in activity in the US and UK as a result of its many combinations. Its UK, Middle East and Africa arm saw PEP jump by 23% in 2014-15 to £502,000, while regional revenue rose by 6%. Meanwhile its US arm saw PEP climb above $1m for the first time ever on the back of a 5% increase, while revenue nudged up 2% to $482m.

The firm has also been branching out into new technology, launching NextLaw Labs to focus on innovation in law, and teaming up with IBM in the process. Love it or hate it, it's a firm which has to be watched by all.

RPC

There's always a lot of talk about the squeezed mid-tier, but one firm in this group bucking the trend is RPC, which saw revenue climb 12% in 2014-15 against a 19% rise in profit. This performance has helped the firm deliver compound growth of 11.5% on both measures over the last five years - without a resorting to a merger and in a challenging economic climate.

RPC may not be everything to everyone, but from the outside this appears to be a strength, with the firm seemingly finding its niche strong points and figuring out how to make the most of them.

Innovation has become a theme for RPC and 2015 was no different, with the firm launching RPC Consulting - a non-legal management consultancy for the insurance industry - and buying a risk software company. It is now targeting a wider range of clients by creating a new General Counsel Services division to work with in-house lawyers in sectors ranging from manufacturing and retail.

And if all this wasn't enough, it has also picked up a number of high-profile mandates with roles on everything from the Mirror Group Newspapers' involvement in the phone-hacking scandal to complex insurance claims, as well as a number of new panel appointments.

Stephenson Harwood

Like RPC, Stephenson Harwood also stands out in the mid-tier for its strong financial performance. It may not steal as many headlines as firms such as Dentons, but its organic growth rate cannot be ignored. In 2015 the firm reported a 20% hike in revenue, with PEP soaring 42%. It has achieved this without diverging from its core strategy, maintaining a contentious/non-contentious split close to 50:50.

High-profile mandates include cases relating to the Libor and Forex scandals, the liquidation of Rangers Football Club and the ongoing Tchenguiz litigation. The firm has also advised on rail projects including Crossrail and London Overground, and seen one of its partners seconded as general counsel to the closely watched HS2 project. And while it may not have carried out any mergers, it has been growing internationally, last year securing a Seoul launch and alliances in Singapore and China.

Taylor Wessing

2014-15 was a strong year for many mid-tier firms, and tech, life sciences and private wealth specialist Taylor Wessing was no exception. The firm's UK arm saw profit per equity partner soar 17% to top £760,000 on the back of an 8% rise in UK turnover after a strong 12-month performance. But the firm's strong performance extended beyond its financial results, with 2015 seeing rapid growth across geographies, industries and client base.

In recent months it has announced a merger with Dutch firm Deterink and opened representative offices in Silicon Valley and New York, as well as strengthening its Asian offering through an exclusive association in Korea and the establishment an Asean network. The firm has also advised on a number of high-profile matters, including the acquisition of the Gherkin.

Taylor Wessing's focus on high growth industries saw it achieve a pitch win rate of 66%, rising to 77% for informal pitches. It has also been focusing on its staff - putting in place initiatives to cover flexible working and diversity.

Watson Farley & Williams

Watson Farley is another mid-tier firm making the most of a very strong sector focus. Its shipping, energy and infrastructure and transport focus, combined with a new management team, appears to be paying dividends. Since appointing new leaders in January 2014 the firm has overhauled its strategy, moving to bulk up in practices to support its key sectors.

And the numbers speak for themselves. In 2014-15 Watson Farley's revenues climbed 7% to £125.2m, helping the firm achieve a 50% increase over five years. PEP jumped nearly 27% for a second year running to £520,000, albeit after a tricky few years forh the firm.

In addition, by 2016 the firm's trainee intake will have climbed to 18, up from 13 in 2013, while since the start of the 2014-15 financial year the firm has brought in 18 lateral hires from firms including Skadden and Fried Frank in London, Clifford Chance in Paris and Orrick in Hong Kong. It opened an office in Dubai in September 2014 and added a new partner to the base earlier this year.

Signature Litigation

Demonstrating that it isn't all about size, Signature Litigation made our shortlist on the back of impressive growth in the three years since it was formed. The commercial litigation and arbitration boutique - formed in early 2012 by Hogan Lovells litigation partner Graham Huntley (pictured) - couldn't be more different from the other firms on this list.

The firm relies on an outsourced management and administrative system which allows it to take on a higher volume of cases due to the reduced demands on its lawyers. It has also moved away entirely from the concept of an equity partnership, instead giving all of its staff a share of its profits.

Signature has made a number of partner hires over the last year, most recently from Clyde & Co, and now has six partners. Revenue stood at more than £7.5m in 2014-15, and the firm is predicting year-on-year growth of at least 20%. And, after partnering with funds boutique MJ Hudson to provide a non-contentious seat, the firm now has its first trainee. Not bad for a firm which has been going for under four years.

• Click here to follow the British Legal Awards live

Allen & Overy, Dentons and Stephenson Harwood are among the firms battling it out to be crowned Law Firm of the Year at tonight's British Legal Awards. The firms sit on a seven-strong shortlist that also includes RPC, Signature Litigation, Taylor Wessing and Watson Farley & Williams.

In contrast to virtually all of the other awards at tonight's event, the shortlist was put together by Legal Week's editorial team, with the selected firms invited to make submissions which were then reviewed by our independent judging panel. Here we explain our reason for shortlisting the firms we did.

Allen & Overy

On the face of it, there are a lot of similarities across the magic circle if you leave Slaughter and May and its UK-centric model out of the equation. But one firm in this international group set itself apart from its peers over the last financial year.

While its revenue growth of 4% during the 2014-15 financial year is behind that achieved by other firms on this shortlist, Allen & Overy (A&O) outpaced its rivals. In a year in which the most international firms were hit by the impact of significant currency fluctuation A&O was the only magic circle firm to achieve revenue growth of more than 1%, pushing it ahead of both Linklaters and Freshfields by turnover. And its 8% profit per equity partner (PEP) rise was more than four times' that of Linklaters' 1.8% growth, with both Freshfields and Clifford Chance seeing declines in PEP.

The financial performance represents a sixth consecutive year of record-breaking financial results for A&O, with the firm's net profit rising 25% since 2011 and its revenue up £145m over this time. And this financial improvement has come alongside investment in its platform, with A&O becoming the first magic circle firm to open a standalone office in South Africa in late 2014 and also opening in South Korea. Since 2011 it has increased its office count by 25%, with partner count climbing by 8%.

Meanwhile, its now much-imitated Belfast support centre, which opened in 2009, has now grown headcount to more than 400, while the firm has also expanded its contract lawyer business Peerpoint to the international stage.

Dentons

In our opinion, it would be impossible to exclude Dentons from this shortlist given the speed, scale and sheer headline-grabbing nature of the firm's expansion in recent years. Kicking off 2015 with a merger with Chinese giant Dacheng, the firm has propelled itself to the top of the lawyer headcount rankings, and is now the largest law firm in the world by some distance.

Not content with more than doubling its lawyer count in this deal alone, the 'polycentric' firm has gone on to announce tie-ups in Singapore, Australia and Luxembourg to add to the firms it has already joined forces with in Canada, the US and Europe. And even where the firm has not carried out mergers, it has been bringing in large numbers of laterals.

While it is still too early to judge its long-term success, in the short term the firm has seen a significant pickup in activity in the US and UK as a result of its many combinations. Its UK, Middle East and Africa arm saw PEP jump by 23% in 2014-15 to £502,000, while regional revenue rose by 6%. Meanwhile its US arm saw PEP climb above $1m for the first time ever on the back of a 5% increase, while revenue nudged up 2% to $482m.

The firm has also been branching out into new technology, launching NextLaw Labs to focus on innovation in law, and teaming up with IBM in the process. Love it or hate it, it's a firm which has to be watched by all.

RPC

There's always a lot of talk about the squeezed mid-tier, but one firm in this group bucking the trend is RPC, which saw revenue climb 12% in 2014-15 against a 19% rise in profit. This performance has helped the firm deliver compound growth of 11.5% on both measures over the last five years - without a resorting to a merger and in a challenging economic climate.

RPC may not be everything to everyone, but from the outside this appears to be a strength, with the firm seemingly finding its niche strong points and figuring out how to make the most of them.

Innovation has become a theme for RPC and 2015 was no different, with the firm launching RPC Consulting - a non-legal management consultancy for the insurance industry - and buying a risk software company. It is now targeting a wider range of clients by creating a new General Counsel Services division to work with in-house lawyers in sectors ranging from manufacturing and retail.

And if all this wasn't enough, it has also picked up a number of high-profile mandates with roles on everything from the Mirror Group Newspapers' involvement in the phone-hacking scandal to complex insurance claims, as well as a number of new panel appointments.

Stephenson Harwood

Like RPC, Stephenson Harwood also stands out in the mid-tier for its strong financial performance. It may not steal as many headlines as firms such as Dentons, but its organic growth rate cannot be ignored. In 2015 the firm reported a 20% hike in revenue, with PEP soaring 42%. It has achieved this without diverging from its core strategy, maintaining a contentious/non-contentious split close to 50:50.

High-profile mandates include cases relating to the Libor and Forex scandals, the liquidation of Rangers Football Club and the ongoing Tchenguiz litigation. The firm has also advised on rail projects including Crossrail and London Overground, and seen one of its partners seconded as general counsel to the closely watched HS2 project. And while it may not have carried out any mergers, it has been growing internationally, last year securing a Seoul launch and alliances in Singapore and China.

Taylor Wessing

2014-15 was a strong year for many mid-tier firms, and tech, life sciences and private wealth specialist Taylor Wessing was no exception. The firm's UK arm saw profit per equity partner soar 17% to top £760,000 on the back of an 8% rise in UK turnover after a strong 12-month performance. But the firm's strong performance extended beyond its financial results, with 2015 seeing rapid growth across geographies, industries and client base.

In recent months it has announced a merger with Dutch firm Deterink and opened representative offices in Silicon Valley and New York, as well as strengthening its Asian offering through an exclusive association in Korea and the establishment an Asean network. The firm has also advised on a number of high-profile matters, including the acquisition of the Gherkin.

Taylor Wessing's focus on high growth industries saw it achieve a pitch win rate of 66%, rising to 77% for informal pitches. It has also been focusing on its staff - putting in place initiatives to cover flexible working and diversity.

Watson Farley & Williams

Watson Farley is another mid-tier firm making the most of a very strong sector focus. Its shipping, energy and infrastructure and transport focus, combined with a new management team, appears to be paying dividends. Since appointing new leaders in January 2014 the firm has overhauled its strategy, moving to bulk up in practices to support its key sectors.

And the numbers speak for themselves. In 2014-15 Watson Farley's revenues climbed 7% to £125.2m, helping the firm achieve a 50% increase over five years. PEP jumped nearly 27% for a second year running to £520,000, albeit after a tricky few years forh the firm.

In addition, by 2016 the firm's trainee intake will have climbed to 18, up from 13 in 2013, while since the start of the 2014-15 financial year the firm has brought in 18 lateral hires from firms including Skadden and Fried Frank in London, Clifford Chance in Paris and Orrick in Hong Kong. It opened an office in Dubai in September 2014 and added a new partner to the base earlier this year.

Signature Litigation

Demonstrating that it isn't all about size, Signature Litigation made our shortlist on the back of impressive growth in the three years since it was formed. The commercial litigation and arbitration boutique - formed in early 2012 by Hogan Lovells litigation partner Graham Huntley (pictured) - couldn't be more different from the other firms on this list.

The firm relies on an outsourced management and administrative system which allows it to take on a higher volume of cases due to the reduced demands on its lawyers. It has also moved away entirely from the concept of an equity partnership, instead giving all of its staff a share of its profits.

Signature has made a number of partner hires over the last year, most recently from Clyde & Co, and now has six partners. Revenue stood at more than £7.5m in 2014-15, and the firm is predicting year-on-year growth of at least 20%. And, after partnering with funds boutique MJ Hudson to provide a non-contentious seat, the firm now has its first trainee. Not bad for a firm which has been going for under four years.

• Click here to follow the British Legal Awards live