Simmons & Simmons has seen profit per equity partner (PEP) rebound by 9% in 2016-17, after dropping by 10% during the previous financial year.

The increase takes PEP to £635,000, against a 7% rise in revenue to £316.1m, up from £295.1m in 2015-16. Net profit grew by 12%.

Simmons' managing partner Jeremy Hoyland said: "The results were driven by particularly strong activity from the employment and litigation international practice groups. The corporate practice, particularly in the UK, also had a good year."

The results are an improvement on 2015-16, when PEP fell to £585,000 after an increase in costs including rental expenses, while turnover nudged up only 1.7%.

Hoyland conceded that the weaker pound was a "factor" in the uptick for the latest financial year, but added that the impact was not "material".

Simmons' rise in PEP came as the firm added 28 new partners from other firms and promoted 12 lawyers to the partnership during 2016-17.

The firm now has more than 250 partners globally, including at least 120 in the UK.

Going forward, Hoyland said the firm would discuss a new three-year business plan at its partner conference in November, with its current plan running until April 2018. "We will focus on what the firm's strategy should be. We will be discussing the sectors, geographies, practices and size and shape of the firm."

When asked about the firm's position on mergers, Hoyland said: "There will be no specific merger debate. Our position on a US merger hasn't changed. There are very good firms over there that would be a good fit potentially. We know all the UK firms. I wouldn't expect us to be doing a UK deal unless it was a distressed situation."

As part of the current strategy, partners have been expected to improve relations with US firms. It currently has a formal alliance with US finance boutique Seward & Kissel, as well as looser referral relationships.

Hoyland said: "The relationship with Seward Kissel is very strong and broadening. But I'm sometimes surprised by how few referrals we get from other US firms. We are working out why not. It is possible we haven't paid as much attention to US firms that have no overseas presence."