Macfarlanes has promoted three lawyers to its partnership, in the firm's smallest promotions round since 2010.

This year's total of three represents half the number made up last year and is the firm's smallest round since 2010, when just one new partner was made up.

One of this year's trio is female – an improvement on last year, when six men and no women were promoted.

Senior partner Charles Martin said: "In a market that is tough – and likely to get tougher – the commitment of highly talented young partners to driving forward their respective practice areas is of critical importance. We are confident that these three lawyers will each play an important part in the future success of the firm."

The firm has made up partners in three practices – Richard Burrows in corporate, Sarah Ward in banking and finance, and Jeremy Moncrieff in tax. Ward trained and qualified at the firm, while Burrows and Moncrieff joined from Freshfields Bruckhaus Deringer and Allen & Overy respectively, in 2014.

Macfarlanes has been active in the lateral market in the past year, bringing in a team of three competition partners and one consultant from King & Wood Mallesons' European arm, including the firm's former European senior partner Stephen Kon. The firm opened a Brussels office to accommodate the team.