Macfarlanes has posted its 2010-11 financial results, with both revenue and profits per equity partner (PEP) increasing at the firm after a slight dip last year.

The firm has seen turnover grow 2.5% to £94.7m, up from £92.4m last year, while PEP rose to £752,000, 4.6% up on the 2009-10 figure of £719,000.

The results are also ahead of the firm's 2008-09 financial performance, when revenue stood at £94.3m with PEP at £744,000.

The bulk of the year's revenue was was generated by the firm's corporate practice, which brought in £36m, followed by finance with £17m and property at £15m.

Senior partner Charles Martin said: "We are moving in the right direction with a decent set of results – there is some way to go before the practice is performing at a level that really reflects the quality and commitment of our people.

"The market for transactional activity in the UK has been tricky. This is a practice that really motors when there are more deals around. We have focused with some success on international work and have also restructured some areas of the practice this year.

"We are being both strategic and opportunistic in continuing to adapt the practice to make sure that we are deploying resource there is strong client demand and longer term prospects are best."

The firm currently has 74 partners, 53 of which are in the equity, with a total lawyer count of 225.

The news follows Travers Smith's results, which were also announced today (8 July), with turnover remaining static at £72m against an 8% drop in PEP.

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