Proskauer Rose has announced double-digit growth in both profits and turnover for 2007, with revenue at the New York law firm up by almost a fifth to $627.8m (£320m).

Top 50 US firm Proskauer saw its revenues rise by 22% on last year's figure of $514.3m (£262m) to hit the new high.

Meanwhile, profits per partner (PEP) increased by 17% to reach $1.56m (£790,000). The firm has also reported a 14% increase in revenue per equity lawyer with the figure now standing at $917,000 (£465,800).

The results come in the wake of a year of extensive investment for the firm with office openings in both London and Sao Paulo during 2007.

Since opening in September last year with the appointment of O'Melveny & Myers' private equity partner Matthew Hudson, the firm's City base has brought in senior counsel Timothy Drake, as well as financial services partner William Yonge, who joined from the London office of McDermott Will & Emery.

Proskauer chairman Allen Fagin said: "We have followed a disciplined and measured expansion strategy which has been focused on the needs of our clients. It is extremely gratifying to see the success of our plan reflected in our 2007 financials."

The results place Proskauer among the fastest-growing US firms this year. DLA Piper and Milbank Tweed Hadley & McCloy both announced growth in revenue of more than 18% – reaching $2.1bn (£1.1bn) and $642.5m (£327m) respectively – while Los Angeles-based firm Paul Hastings Janofsky & Walker posted a 20% rise in revenues to $976m (£496m).