The City’s bulging ranks of mid-tier firms comprehensively outpaced larger rivals over the past financial year, with the vast majority closing the profits gap with London’s legal elite for the second year running.

Berwin Leighton Paisner (BLP), SJ Berwin, Barlow Lyde & Gilbert and Holman Fenwick & Willan all saw average partner profits rise by more than 20%, while another seven firms in the group reported double-digit profits growth.