Eversheds has posted a 28% increase in profits per equity partner (PEP) as the firm becomes the first of the UK top 10 to release its 2009-10 financial results.

PEP rose to £517,000 from last year's figure of £404,000, while total profits also grew by 20%, with all staff and lawyers set to receive a £1,000 firmwide bonus payout in August.

However, the increase in profits does not bring the firm back to pre-downturn levels, after PEP fell from £552,000 in 2007-08.

Eversheds posted a slight dip in revenues for the year, with a drop of 3% to £355m from the 2008-09 figure of £365.9m.

The firm pointed to litigation, employment, pensions and restructuring as key sectors, while real estate and corporate saw a drop-off in work. Geographically, Hong Kong and areas within Europe such as France were cited as strong performing regions. Looking to next year, the firm plans to focus on Asia and the Middle East.

Eversheds chief executive Bryan Hughes said the firm's results represented a "credible performance", stating that the firm has started to see the benefits of the measures taken to reshape the business in order to deal with the lasting impact of the recession on the legal sector.

Eversheds has carried out four redundancy consultations since September 2008, with the most recent taking place last autumn.

Hughes commented: "Eversheds has emerged from unprecedented trading conditions as a leaner, more efficient business that is well-placed as the global economy continues to recover. We have worked with our clients to find new ways to deliver our services more efficiently, yet still maintaining a high quality product."

"As a result, Eversheds is better placed than ever to develop opportunities in our targeted growth markets across the globe".

"Quarter four of last year was reasonably settled, but with the election and public sector unclear we are still conservative. However, we think we can expect modest growth next year."

The only other UK top 50 firm to announce its 2009-10 financial results to date is Denton Wilde Sapte, which last week posted a 20% increase in PEP to £360,000, while revenues dropped by 1% to £167.5m.