Herbert Smith has become one of just a few firms to reveal a slight increase in both turnover and profits per equity partner (PEP) for the 2009-10 financial year.

Turnover at the top 10 City firm increased by 1.3% to £449.9m during 2009-10 financial year compared to £444m during the previous year.

Meanwhile, PEP increased by 2% from £845,000 in 2008-09 to £862,000. However this still falls far short from the firm's 2007-08 financial year when PEP stood at £1.02m.

Corporate was the firm's best performing practice group followed closely by litigation.

Aside from Herbert Smith's City base, the firm's Asian offices put in a strong showing, out-performing its continental European practice.

Earlier this week City rival Ashurst unveiled a 2.6% drop in revenue to £293m compared to £301m in the previous year while PEP climbed by 2.4% from £672,000 in 2008-09 to £689,000 in the most recent year.

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