Herbert Smith has announced its 2010-11 financial results, with the firm posting increases in both revenue and profits per equity partner (PEP), as well as a near 30% hike in Asia turnover.

The firm saw revenues increase by 3.4% during the year to £465m, up from £449.9m, while PEP climbed 4.4% to £900,000 from last year's figure of £862,000.

Hebert Smith's Asia arm saw a 27.6% surge in revenues during 2010-11 to reach £83.2m, up from £65.2m, alongside a 2% fall in London turnover from £311.1m to £304.9m. The firm's Continental Europe and Middle East offices took in revenues of £66.2m and £10.8m respectively during the year.

Broken down by practice, corporate and litigation were the most significant performers, bringing in £192.8m and £189.9m respectively. Litigation was up 11% from £171.4m last year, while corporate was down 3.5% from £199.5m in 2009-10.

Herbert Smith managing partner David Willis (pictured) said: "Obviously I think what we have seen in Asia reflects global economic trends, and our China capital markets practice has been particularly busy. I thought the results were satisfactory this year overall, but you are always looking for a better bottom line, and we would have hoped to have seen an even bigger increase, but the economic prognosis in the UK and Europe has still been pretty uncertain.

"We are now looking at a number of strategic options for investment internationally and will be building up the practice areas in our younger offices."

Fellow UK top 10 firms Clifford Chance (CC) and Allen & Overy (A&O) have also both announced their 2010-11 financial results this week, with CC posting a 2% rise in turnover and 8% PEP growth, while A&O saw turnover climb 7% against static PEP.

The news comes after Herbert Smith announced last week that it is to receive additional public funding of more than £500,000 for the expansion of its newly-launched Belfast base from regional development agency Invest Northern Ireland.

For more, see Herbert Smith receives more funding for creation of over 60 Belfast jobs.