Revenue growth at European firms slipped 0.5 per cent last year before an overall increase of 4.1 per cent. This compares with revenue growth of five per cent in 2014. Turnover increased across the top 100 firms from £9 billion to £9.4bn last year.

Germany, The Netherlands and Ireland, in particular, blamed the Brexit vote. Lawyers in those jurisdictions told researchers from The Lawyer that the vote “had led to deals being postponed as clients wondered what the result would mean for their business”.

Spanish firm Garrigues saw the greatest overall turnover, reclaiming the title from French firm Fidal, which came second this year.

Garrigues’ revenue increased by three per cent to €349.4m while Fidal’s dropped 3.8 per cent to €332.8m.