Pinsent Masons has announced turnover of £309m for 2012-13, representing combined growth of 5% in its first year of trading since its merger with McGrigors last May.

The two firms last year posted a combined figure of £294m, of which legacy Pinsents contributed £221m, meaning total revenues at the firm have grown 40% since the Scots merger.

The firm has yet to reveal details of profits per equity partner (PEP) for 2012-13, but last year Pinsents partners took home PEP of £569,000, while McGrigors' equivalent figure was £247,000. Following the tie-up, around 20 of the Scots firm's partners were transferred to a 'transitional share plan', with a decision on whether they will join the equity set to be taken two years after the merger.

Pinsents last year broadened its international reach with a number of major moves including opening new offices in Munich and Paris, while also expanding its Singapore office with the hire of a 27-strong team from former alliance firm Salans. The firm also launched in Turkey at the beginning of June, and has brought in a number of lateral hires including a four-partner life sciences team from Fasken Martineau

Conversely, the firm has undergone three separate redundancy rounds over the course of the year, which have seen 13 fee earners and 62 support staff exit the firm.

Pinsents managing partner David Ryan (pictured) said: "We are pleased to report a 5% increase in turnover at a time when the UK market in particular remains challenging. The firm has changed dramatically over the past 12 months and we have made significant investment into the business.

"We continue to see strong demand in global sectors such as energy, infrastructure and advanced manufacturing and technology, particularly in litigation, tax, competition and regulatory. The firm has moved forwards in financial services, with strong growth in insurance and restructuring."

"The performance of our international network has also been encouraging with significant contributions from our new offices in Paris and Munich. Asia-Pacific was a real bright spot, with 30% turnover growth for a second consecutive year."

The firm has also secured a number of key client wins this year, including reappointment to the Government Procurement Service panel and a role to handle the day-to-day work of construction giant Balfour Beatty.