Watson Farley & Williams has posted a double-digit increase in revenues for the second consecutive year, with 2011-12 turnover standing just short of £100m.

The firm's £99.8m figure marks a 12% increase on last year's turnover of £88.8m. Profits per equity partner (PEP) are expected to remain steady at around £455,000, compared with a figure of £458,000 in 2010-11.

The double-digit increase in revenue comes after the top 40 firm posted an 11% increase last year alongside a 2.2% increase in PEP.

Watson Farley managing partner Michael Greville (pictured) said: "This year's financial results show a respectable level of growth and, even though we did not quite reach the £100m milestone, we are pleased with this, which reflects the strength of our business model, delivering investment and finance work in our core sectors to a consistently high standard across jurisdictions."

Watson Farley has made a number of investments over the last financial year, including a new office launch in Hong Kong and 15 lateral partner hires.

Last month the firm announced the promotion of nine new lawyers to its partnership, including four in London, marking an increase on the six-strong promotion round in 2011.

News of Watson Farley's financial results comes after Holman Fenwick Willan announced a 10% increase in revenue for 2011-12, with turnover hitting £123.8m. The increased fee income at the firm, which runs to a financial year ending 31 March, compares with a figure of £112.5m last year.