Clifford Chance (CC) has posted 7% increases in both revenue and profits per equity partner (PEP) for the 2011-12 financial year.

The magic circle firm announced today (3 July) that revenues climbed from £1.219bn to £1.303bn during the year, with PEP also rising by 7% from £1.005m to reach £1.078m. Total profits climbed 13% on 2010-11 to £431m.

CC's London office saw a marginal increase of 3% to £443m, accounting for one third of total turnover. Across Europe, revenues were up 5% on the previous year's figure of £467m, with Luxembourg, France, Germany, Spain and Moscow cited as key performers.

According to CC, its litigation and dispute resolution practice performed particularly well during the year, with Asia-Pacific a standout region for the firm. The region saw revenues grow 28% to £185m to account for 14% of the firm's total business, on the back of strong contributions from mainland China, Singapore and Australia.

Other growth areas included the Middle East, which saw 6% growth, making £39m this financial year, and the US, which saw a 3% increase to £144m. According to CC, total fee-earner headcount at the firm now stands at around 3,400, up from last year's 3,200. The number of equity partners has also increased, from 375 last year to 400.

Managing partner David Childs (pictured) said:"We have made excellent progress against the plans we made two years ago, when we set ourselves the target of doubling our revenues in Asia-Pacific. The figures show that we have stronger capabilities than any of the top-tier firms in the region.

"We may see a challenging year for our offices across Europe. The continued issues of the Eurozone are having a marked effect. As such, some corporate activity may be put on hold, and may affect plans for growth. Market conditions will be difficult this year or, at best, very uneven."

He added: "We will be investing in our US litigation, M&A and capital markets practices. We expect that solid growth will continue in the States."

Other highlights during the last financial year included the performance of CC's US practice, which brought in deals worth £10bn, with CC citing its leading role on the recent LatAm airline merger as a prominent example. The firm also made seven lateral partner hires and worked on major mandates including the initial public offering of the Empire State Building.

The news comes after Allen & Overy today (3 July) became the first magic circle firm to announce its 2011-12 financial results, posting a 6% increase in revenue, with PEP remaining static at £1.1m for a third consecutive year on the back of another year of investment across the firm's network.

Related: From the magic circle's sick man to a robust revival – CC's deal team shows renewed vitality.