Herbert Smith has announced its revenues for 2008-09, with the top 10 City firm reporting a 5% increase in turnover.

The growth takes revenue to £444m, up from £421.8m last year.

However, the firm estimates that profits per equity partner (PEP) could be down by as much as 22%. It is still in the process of finalising its PEP figure, however, it says the figure will have fallen by between 12% and 22% from last year's figure of £1.02m.

The results are a far cry from last year's results when both revenue and pep increased by 25%, with PEP breaking through the £1m barrier.

The firm attributed the growth in revenue to its international presence. Managing partner David Willis told Legal Week: "The contribution of international has led to growth, some of it is down to good performance, with Paris, Moscow, the Middle East and Southeast Asia all exceeding budgets in local currency despite Hong Kong being down sharply – while some of it was down to the impact of the weakening pound."

However, in terms of London, Willis said: "Corporate was down on budget quite significantly; however, finance was not the bloodbath one would have expected due to restructuring work. Employment and pensions exceeded budget while litigation was slightly below budget but basically on target."

Last month Herbert Smith completed a redundancy consultation that saw 84 members of staff laid off in London.

The consultation resulted in 82 voluntary redundancies and two compulsory layoffs.

The cuts include 24 fee earners and professional support lawyers (PSL) in corporate, as well as nine paralegals, while nine fee earners and PSLs in the real estate practice also lost their jobs.

In addition, 42 secretarial and support staff were affected. The majority of those departing left on the 5 June.