Macfarlanes, a prominent London law firm known for advising ultra-high-net-worth clients, reported stable average partner pay of £3.1 million for the past year, maintaining its position at the top of publicly reported partner remuneration in the City. The firm announced a 5 percent increase in turnover to £389.5 million for the year ending in 2025, alongside a 3 percent rise in profits to £212 million. These financial results led the firm’s management committee to hold partner pay steady at the current level.

Specialising primarily in private client work, Macfarlanes does not disclose its client list in that sector, but it also provides corporate legal services. Over the last year, the firm advised Banco Sabadell on the proposed £2.65 billion sale of TSB Banking Group to Banco Santander, and represented Evelyn Partners, a UK wealth management group, in its £2.7 billion sale to NatWest Group, which remains subject to regulatory approval.

In the latest reporting season, Macfarlanes’ reported average equity partner pay exceeded that of traditional “magic circle” law firms. Clifford Chance’s average partner pay stood at £2 million, Linklaters at £1.9 million, and Allen & Overy’s London-US firm Shearman & Sterling reported an average of £1.82 million. Freshfields, another magic circle firm, has not disclosed partner pay figures in recent years, while Slaughter and May, the only firm in the group maintaining a traditional partnership structure, is not required to publish financial results publicly. Industry sources have speculated that Slaughter and May partners may receive average pay of approximately £4 million, potentially the highest in the UK.

Macfarlanes has 97 partners, though the firm does not specify how many hold equity stakes. Damien Crossley, the senior partner, described the reported financial performance as indicative of a “transitional year,” producing a “satisfactory outcome” despite a market that remains “challenging at times.” He highlighted notable contributions from the firm’s mergers and acquisitions and disputes teams.

Despite its strong position in London, Macfarlanes and other City-based firms continue to lag behind major U.S. law firms operating in the City in terms of partner pay. Chicago-based Kirkland & Ellis pays its equity partners an average of £6.25 million, while Los Angeles-founded Latham & Watkins offers around £4 million on average. These figures underline the persistent pay gap between UK and US legal markets, even among elite practices with significant London presence.