Hogan Lovells has announced its 2011 financial results, with turnover remaining static at $1.66bn (£1.06bn) while profits per equity partner (PEP) rose 2% during the year.

The transatlantic firm saw turnover increase marginally from $1.664bn (£1.05bn) to $1.665bn last year, while PEP climbed to $1.165m (£743,000), up 2% from the previous year's figure of $1.144m (£730,000).

Average revenue per lawyer also increased by nearly 5% to $739,000 (£472,000) during the year, up from $704,000 (£450,000) in 2010.

Broken down by region, the US contributed 44% of the firm's total billings, with London providing 26% – equating to £432m – Continental Europe 24%, and Asia and the Middle East 6%.

Co-chief executive David Harris (pictured above right) said: "We are really pleased. We feel that we've had a strong performance in difficult market conditions."

The pair also stated that the firm had seen a particularly good run of work in London, and outlined an intention to increase the proportion of revenues contributed by the firm's Asia operations to more than 10% as part of the firm's new three-year plan.

The firm's corporate practice brought in the largest proportion of total fee income last year with 32%, followed by litigation, arbitration and employment with 28%, regulatory 15%, finance 14% and intellectual property 11%.

The practice breakdown is largely in line with the 2010 figures, when corporate brought in 33% of the firm's revenues.

A number of other law firms have recently announced their 2011 financials, with Latham & Watkins seeing revenue rise 11.6% to $2.15bn (£1.37bn), while Bingham McCutchen posted a 0.5% revenue dip to $868.5m (£553.6m)

The results – the firm's second combined results after the 2010 merger of Hogan & Hartson and Lovells – comes after Hogan Lovells confirmed the appointment of London real estate litigator Nicholas Cheffings as the first sole chairman of the firm earlier this month.

He will take up the post from 1 May 2012 for a three-year term, replacing current co-chairs Claudette Christian and John Young.