Travers Smith has announced its 2010-11 financial results with turnover remaining static at £72m, against an 8% drop in profits per equity partner (PEP).

The firm has seen PEP fall to £650,000 down from £705,000 in 2009-10, with management at the firm attributing the dip to increases in salaries and staff numbers.

The results come after Travers last year saw an 11.6% increase in turnover from £64.5m in 2008-09, while PEP shot up by 50% from £470,000.

Managing partner Andrew Lilley (pictured) said: "It is difficult to work out what one should expect in this climate, but if someone had told me last year that we would post the same result again now, I would have been, and am, very pleased.

"We have had a number of highlights this year across all areas of the practice, not least winning our first corporate role acting for the Bank of England, but the absence of a strong initial public offering market in particular has meant we have remained stable. The slight decrease in PEP is related to a slight increase in salaries and staff this year."

The total number of partners and equity partners at the firm remained steady at 59 and 43 respectively during 2010-11, while the total number of lawyers increased from 209 in 2009-10 to 215.

Travers Smith made up five new partners in its annual promotion round this year, including the firm's first partner to be promoted while working part-time.

News of Travers' results comes after Linklaters and Freshfields Bruckhaus Deringer also announced their financial results earlier today with Linklaters seeing marginal increases in both turnover PEP, while Freshfields posted static turnover against a 7% dip in PEP.