The firm said the average annual drawing for its full-equity partners was £2.04 million, putting it ahead of Allen & Overy, which announced an equivalent sum of £1.9m last week.

Rival magic circle firms Freshfields Bruckhaus Deringer and Linklaters pay their full-equity partners an average of £1.91m and £1.77m respectively.

Slaughter and May, a partnership, is not required to disclose its annual results. Insiders speculate, however, that its partners are paid an average of £2.6m.

The 10.2 per cent pay rise for full-equity partners at Clifford Chance follows an eight per cent rise in revenue at the firm, to almost £1.97 billion. Profits rose by nine per cent to £783m.