Olswang has announced its financial results for 2010-11, posting a marginal increase in turnover of 2%.

The firm saw revenues rise from £91m to £92.6m, in line with the previous year's results, when turnover also grew by 2%.

Olswang is yet to finalise its profits per equity partner (PEP) for the year, but said it expects to see a "modest" increase from last year's figure of £420,000. The firm reported a 38% increase in PEP in 2009-10, up from £305,000 in 2008-09.

Olswang chief executive David Stewart (pictured) said: "This was a difficult trading year in the legal services sector and we've once again demonstrated our ability to anticipate client needs and adjust our strategy to combat changes in the market.

"We are very proud of our achievements and in particular the fantastic performance from our international offices, two of which were opened during the course of this year."

However, both PEP and turnover have not yet returned to 2007-08 levels, when partners took home an average of £545,000 and turnover stood at £92.9m.

Olswang has opened two new offices over the last financial year – Paris in February and Madrid in September.

The news follows the announcement of Pinsent Masons' financial results earlier this week, which saw the firm post 3% revenue growth for 2010-11.