LG has staged a turnaround in this year's financial results, posting an increase in both turnover and profits per equity partner (PEP).

Turnover at the London law firm saw a respectable increase of 7.7% to £64.9m compared to £60.3m in 2008-09 financial year.

Meanwhile, PEP rocketed 63.7%to £460,000. The firm's profit margin stood at 35.7%, up from 26% in 2008-09.

At the end of the financial year the firm had 40 equity partners, compared to 45 the previous year. Over the course of the year the firm moved to phase out its salaried partner band in favour of a fixed-share rank.

Partner profits ranged from £230,000 to £690,000, compared to last year when the highest earner took home £510,000 and bottom of the equity stood at £170,000.

LG says the hike in profits was due to substantially reducing its cost base and coming in under budget on costs. The firm also saw a pick-up in work levels from foreign clients including those in New York, Dubai, Brazil, Russia and the offshore market.

Work for international clients over the last financial year contributed 40% towards overall turnover as opposed to 30% the prior year.

Managing partner Hugh Maule (pictured) is expecting to see revenue generated from international clients increase further during the 2010-11 financial year.

In terms of practice breakdown, corporate was the biggest contributor, making up £19.2m of turnover, closely followed by property with £16.8m. Litigation accounted for £14.7m and finance £4m.

Maule commented: "We had a very busy year which coincided with the beginning of the 2009-10 financial year when work levels began to pick up in May 2009 especially in litigation, finance, corporate recovery and restructuring.

Those teams produced 28% turnover which was a big uptick compared to the previous year.

"Our profits were up substantially after reducing our cost base. We also came in lower than we budgeted for on our costs, which had a direct and positive impact on profits."

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