Norton Rose has become the latest top 10 City firm to unveil its financial results for 2008-09, reporting an increase in fee income but a double-digit fall in profits per equity partner (PEP).

The firm's revenues climbed by 6% to £314m compared with the previous year's figure of £297m.

However, despite the growth in turnover, PEP fell by 17% down to £517,000 from last year's figure of £625,000. During the previous financial year Norton Rose saw turnover increase by 27.5%, with PEP growing by 22%.

Norton Rose said the drop in PEP was partly attributable to an 8% increase in equity partner headcount, as well as office launches in Tokyo and Abu Dhabi.

Chief executive Peter Martyr said the firm demonstrated a strong first half of the financial year, with revenues by increasing 11% on the same period the previous year to hit £141.5m, with a weaker second half. Activity levels were roughly equal across the firm's practice groups, with Martyr highlighting Amsterdam, Singapore and Munich as strong performers geographically.

He said: "These are good balanced results and we are starting to see what represents some green shoots."

Norton Rose becomes only the fourth firm within the City top 10 to release its financial results, following Ashurst, Lovells and Herbert Smith.

The firm's performance puts it on track to overtake Ashurst in the ranking of UK law firms by revenue. Ashurst saw revenues drop by 7% to £301m, while Herbert Smith saw a 5% increase in fee income, taking turnover to £444m.

Neither firm has yet confirmed PEP numbers but both predict they will be down from last year.

Meanwhile, the strength of the Euro drove Lovells' revenue up by 11% to £531m from last year's figure of £479m. However, the firm saw an 11% dip in PEP from £661,000 to £585,000.