Osborne Clarke has posted a 14% hike in revenues to £112m for 2012-13 following a year of investment in its international network. 

After registering income of £98m in 2011-12, the firm added £14m of revenue over the course of a year in which it opened a new office in Hamburg in October and in July created an international network across Italy and Spain.

However, like-for-like comparisons show revenues at the firm fell slightly from £98m to £97m, while provisional figures reflect a fall in profit of 5% to £35m from £37m.

Managing partner Simon Beswick (pictured) attributed the reduction in profits to the firm's investment in new offices, which also include this month's Brussels opening and the imminent launch of a Parisian practice, combined with the effects of a "slow" transactional market.

The firm added 32 new partners through promotions and recruitment, including a series of London partner hires such as former Stephenson Harwood chief exec John Pike and international arbitration expert Greg Fullelove from Freshfields Bruckhaus Deringer.

Beswick said: "Although we have grown our litigation and advisory service lines, the fortunes of our transactional business will always have a significant influence on our financial results. We experienced two slow transactional periods last year which have impacted on our bottom line. On the plus side, our banking and real estate practices showed good volume following recent investments and we expect further growth in these areas during the course of this financial year."

"We've been working for months and months on our Paris office, searching for people who tick all the right boxes. We're close to finalising the right team behind a strong leader. We hope to be in the position to appoint a core team and open the office this autumn."

Last month, the firm announced a redundancy round affecting 13 fee-earners and confirmed that a small number of partners have also been asked to leave the firm.