Berwin Leighton Paisner (BLP) has announced strong financial results for 2010-11, with profits per equity partner (PEP) set to soar by an estimated 56% to £712,000.

BLP's estimated PEP figure, up from £455,000 in 2009-10, comes against a 20% rise in turnover to £229m. The firm posted total revenues of £191m for the previous financial year.

Net profit has increased by 38% to £90.8m, this year compared with £65.8m in 2009-10.

Last year the firm reported a 6.1% increase in turnover and a 9.9% increase in PEP from the 2008-09 figures of £180m and £414,000 respectively.

BLP managing partner Neville Eisenberg (pictured) said: "Our increase in turnover has been contributed to from across the board. All of our practice areas in London have grown in revenue, as well as our Moscow, Abu Dhabi and Singapore offices. It has been great to see both corporate and real estate picking up strongly during a difficult market.

"Our profit increase has simply been a product of our hike in turnover, we have not cut back on promotions or carried out any dramatic restructurings, instead choosing to invest during the downturn, which we are now seeing a return from.

"We've got a long-term strategy of developing the premium end of our M&A and corporate finance business, and will continue to invest in our international offices."

News of the firm's performance follows a number of hires by BLP so far this year, including Mayer Brown financial services partner Nick Kynoch and Herbert Smith private client tax partner Rupert Ticehurst, who is due to join next month.

However, news emerged this week that five finance partners are departing the firm to join Simmons & Simmons. Former BLP managing partner Robert Jones is set to join Simmons along with partners Simon Kildahl, Richard Hughes, John Hayward and Mark Waghorn, with Simmons confirming the hires yesterday (26 May).

News of BLP's results comes after a clutch of top 50 UK law firms have announced double-digit increases in turnover for the 2010-11 financial year.

Stephenson Harwood, Wragge & Co and Barlow Lyde & Gilbert have all announced increases in revenue of at least 15%, with Clyde & Co posting a 10% rise in turnover.

However, financial results from firms to have announced so far are proving mixed, with Olswang and Pinsent Masons seeing marginal revenue increases of 2% and 3% respectively, while Addleshaw Goddard this week announced a 3% dip in turnover.