What is really behind Freshfields' poor financial results?

Amid standout performances from its magic circle rivals, Freshfields appears to have had a disappointing 2016-17 - but why?

The UK law firm reporting season is now well underway. The story so far has been one of unlikely financial gains, with challenging Brexit-related market conditions masked by the effects of a significantly weakened pound.

The numbers of the more international UK-based firms in particular have been heavily skewed, with foreign revenue artificially boosted as it is converted into sterling for consolidated accounts. Some firms have seen their revenue inflated by as much as 10 percentage points on that basis alone.

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