SNR Denton's EMEA arm has boosted partner profits by around 50%, despite revenues declining by 6% during the 2011-12 financial year.

Profits per equity partner (PEP) have risen from £232,000 to £350,000, equating to a 51% increase, with the firm attributing the hike to efficiency savings. Last year's PEP figure was the lowest of all of the UK top 50 law firms.

The firm has this year changed its accounting policies to include allowances made to some international partners that were previously excluded from the profits calculation, meaning that on a like-for-like basis, PEP is up 48% from last year's revised figure of £237,000. 

Meanwhile, revenues taken in by the transatlantic firm's EMEA arm fell from £154m to £145m during the year, while total profits grew by 38% to £28m.

The figures mark a significant turnaround in profitability after the firm last year posted a 36% PEP decline, alongside a 9% dip in revenues.

The firm's EMEA management said that every measure is being taken to further turn around the firm's fortunes, including more work undertaken in its lower-cost Milton Keynes base as well as a reshaping of its Paris and Istanbul offices, which have seen a number of recent departures.

EMEA chief executive Matthew Jones said: "A year ago we were disappointed with how our financial year had concluded and the management team set out to take a range of actions to improve profitability by addressing the firm's cost base. We have looked at headcount, underperforming practices and generally at how we can provide a better and more efficient service to our clients, and this has produced a significant increase in profits.

"This comes against a backdrop of a challenging year in the EMEA region and as we moved to reshape offices including Istanbul and Paris. Exempting those offices turnover was down by around 3%, while including them it was down 6%."

UK managing partner Brandon Ransley identified energy, infrastructure and project finance as particular areas of success for the firm, adding: "We also see a continued strong performance in litigation and arbitration and TMT, with further opportunities to grow these practices. Our Milton Keynes increased revenues significantly year-on-year, which is a sign of the economic climate as clients need to find efficiencies while demanding the same level of service."

Last October the firm announced that it would ramp up the use of its Milton Keynes office for lower-cost legal services as part of a major drive to boost profitability in the UK. At the time the firm had 12 partners, 41 lawyers and 10 other fee earners in the base, but was aiming to grow total legal headcount in the base "by double digits" during the next 12 months.

The firm has also announced the new structure of its Middle East management team after the recent departure of regional managing partner Leigh Hall for "personal reasons."  Dubai and Abu Dhabi head Michael Kerr has been appointed regional managing partner while Neil Cuthbert will continue in the role of Middle East senior partner.

The EMEA resuits come after SNR Denton's US arm posted a 4.4% increase in revenues for 2011, taking in $474.5m (£300m), while US PEP grew almost 7% to $880,000 (£556,000).