Bull run put legal firms on new highs

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But while top legal partners' average pay hit a new peak of $1.72 million (£860,000), up 11% year on year, the record is unlikely to be repeated this year.

Lawyers are kept busy in downturns - it is often quipped they are busier then unpicking the deals they advised on in the good times - the figures so far for 2008 indicate a drop of between 10% and 15% in revenues.

The top 50 firms in the US generated a total of $46.8 billion last year, 16% higher than in 2006, according to The Lawyer magazine. Some of the best-performing US firms are those that have taken the plunge and built up sizeable European practices.

Roger Parker of Reed Smith, which posted a near-40% rise in revenues, said: "The rise reflects the mergers but also the success we've had with cross-selling between the offices, which hit a new high last year."

However, The Lawyer also reports that much of the revenue increase last year came from potentially unsustainable rises in billing rates.