Olswang has become one of the first UK top 50 firms to announce its 2011-12 financial results, with the firm posting an impressive 17% rise in revenue to take it over the £100m mark.

Turnover has risen to £108.1m this year, up from £92.6m in 2010-11, with the firm expecting to post profits per equity partner (PEP) of £530,000 – up 22% on the previous year's figure of £435,000. The final PEP figure is still subject to audit.

The predicted increase in PEP comes in light of a profit increase of more than 30% at the firm this year.

Olswang attributed much of the growth to its UK practice, while its international offices in Germany, Spain and France have also seen a strong year.

Key successes for the firm during 2011-12 have included two new panel wins for major clients Vodafone and BP.

The firm also hired eleven new partners during the year, alongside new office launches in Munich and Singapore in July 2011 and January 2012 respectively.

The news comes after the firm last month predicted revenue growth of at least 10%, following a revenue increase of around 25% reported at the half year mark.

Olswang chief executive David Stewart (pictured) said: "We're delighted to be announcing such a strong performance in what has been a challenging year for the legal market.

"Our international expansion and sector focus have and continue to be our focus. This has led to a pleasing increase in the volume of instructions we've received from new and existing technology, media and telecommunications and real estate clients consolidating our market presence in Europe, something we're already replicating in Asia."

The results mark a significant rise in performance for Olswang, after the firm posted revenue increases of just 2% for the past two consecutive years.