The top of Fieldfisher's equity has risen to a figure comparable to the magic circle, soaring from £2m last year to a new high of £3.2m, according to figures submitted to Legal Week.

The increase puts Fieldfisher's top of equity among the highest at any UK firm. Of the magic circle, Freshfields Bruckhaus Deringer's top of lockstep now stands at about £3.5m following its recent pay overhaul, while Allen & Overy's highest-paid member for 2016-17 received £3.5m.

The upsurge comes after another strong financial year for Fieldfisher, during which the firm saw revenue increase by 24% to hit £207m, a new record high, alongside a 17% hike in profit per equity partner (PEP) to £750,000.

In a statement, the firm said: "Fieldfisher has had a very successful year and these numbers reflect that success."

Despite the huge hike at the top of the equity, the bottom of the firm's lockstep has remained broadly similar, up 9% from £230,000 last year to £250,000.

Fieldfisher has enjoyed consistent upward momentum in recent years, with the firm's top of equity first breaking the £1m barrier in 2015. During 2016-17, PEP grew 16% to £640,000 alongside a 34% increase in revenue.

This year has seen the firm accelerate its expansion efforts in both Europe and Asia, with new office openings in Luxembourg and Frankfurt, a new legal services centre in Belfast, and the recent launch of a new office in Guangzhou, adding to local mergers last year in Shanghai, Amsterdam and Italy.

Managing partner Michael Chissick attributed the firm's overall strong performance to growth in its financial services, life sciences, natural resources and energy sectors.