Revenue was up 9% from £2.72bn the previous year, however, the growth rate was down on FY22 when the firm grew revenue by 16%, leaving the firm ranked fourth in the UK.

Average partner pay increased to £786,000 in 2023, up nearly 10% from £717,000 the previous year, including an additional £40,000 (gross equivalent) allocated to their capital accounts. This was despite the firm reporting a 23% drop in pre-tax profit to £364m from £449m in FY22.

KPMG said the profit drop was down to a 17% increase in staff costs as the firm took the decision to invest in staff to retain the skills and experience needed to support client demand.