Olswang has posted a 3% rise in revenue, taking it to £111.3m for the 2011-13 financial year, up from £108m last year.

Meanwhile, profits per equity partner (PEP) have fallen 4% from £530,000 in 2011-12 to £510,000 this year, although the firm's profit pool is expected to be the same size as last year.

Last year the firm announced an impressive 17% rise in revenue, taking it over the £100m mark to £108.1m, up from £92.6m in 2010-11. PEP was also up by 22% on the previous year's figure of £435,000, to £530,000.

Olswang CEO David Stewart (pictured) said: "Following last year's significant increase in revenue and profits, this year was more challenging. We had a tough first half, but the firm had a better third and fourth quarter, and we're content with the overall result given market conditions. Stand out contributions from our German, Belgian and Spanish colleagues were much appreciated, and in particular our international IP and Corporate practice groups had a good year.

"We have budgeted for a significant rise in turnover and profits this year, as our investments in new partners and offices pay dividends, and our three year plan is ambitious: we are aiming to be in the top 20 by 2016. Our international offices have increased their overall revenue contribution by 35 % this year, and international turnover is planned to be over 40% of total revenues by 2016.

Last month Olswang confirmed it had made three associates at mid to senior level redundant in its finance and employment practices, after putting six roles at risk of redundancy back in February. 

In April the firm re-elected chief executive officer David Stewart for a second three-year term, as well as appointing a new eight-person executive committee to sit alongside an elected board that manages the firm's partnership.