Hogan Lovells has announced its first combined financial results since its merger last year, with average profits per equity partner (PEP) climbing around 10% to reach $1.144m (£715,000).

Pro forma results for the 2010 calendar year show Hogan Lovells posted firmwide PEP of $1.144m up from an estimated equivalent of $1.042m (£651,000) for the calendar year 2009.

Fee income fell slightly in 2010 to $1.66bn (£1.037bn) down from the figure of $1.68bn (£1.05bn) posted by the legacy firms in 2009. The Anglo-US law firm saw a stream of partner departures in the wake of its tie-up last year, primarily in its European network.

Meanwhile, average revenue per lawyer grew 8% to $704,425 (£436,000) up from an equivalent of $652,147 (£404,000) in 2009.

The results are a like-for-like estimation of the combined firm's financial performance as the merger is structured as two separate partnerships overseen by Swiss Verein vehicle. The US partnership still operates on a calendar financial year while the legacy Lovells runs to the end of April.

The last financial results for Lovells for 2009-10 show that the firm's PEP rose 13% to £663,000, with revenues of £542m, while Hogan in 2009 achieved PEP of $1.11m (£693,000) with a turnover of $864m (£540m).

The regional breakdown of the results shows 46% of fee income coming from the US, 24% each from Continental Europe and London, and 6% from Asia and the Middle East.

The firm's corporate practice took the largest amount of fee income accounting for 33%, while the litigation, arbitration and employment group took 29%, regulatory 15%, finance 12%, and intellectual property 11%.

Hogan Lovells co-chief executive David Harris said: "We see this as a strong performance given the market conditions. Our priority since the combination has been to focus on our clients, demonstrating to them the increased strengths we have across our practice areas and markets. We have already achieved a lot through our combination and we are pleased with our progress to date."

The merger between Hogan & Hartson and Lovells went live on 1 May 2010.

For more, see Now for the hard work – the challenges ahead for Hogan Lovells.