Stewarts Law has posted a 29% revenue rise as the litigation boutique moves to scale back its US operations barely a year after launching in the country.

The closure of the firm's Delaware office and slimming down of its New York operation, in favour of seeking local alliances, will mean four lawyers will lose their jobs.

In its 2012-13 financial results, profits per equity partner (PEP) reached in excess of £1m for the first time, up by 23% from £909,407 last year to £1.1m. Meanwhile, revenue rose more than £10m, from £35m in 2011-12 to £45.2m. Partners at the top of the equity will take home £1.4m, while net profit also rose 30% from £15.8m to £20.5m.

Commenting on the scaling back of the US operations, which opened in April last year, managing partner John Cahill said: "It is slightly unexpected, but we are changing direction and have decided that having a collaborative model over competition is how we want to proceed."

As a result, the firm has formed a strategic alliance with US plaintiffs firm Lieff Cabraser Heimann & Bernstein. Cahill added that Stewarts Law planned to evaluate new areas of tax litigation following a trend in tax disputes fuelled by the economic environment. He has also identified opportunities for other alliances with overseas law firms.

In the next 12 months Cahill said he hoped to reach £50m in turnover and target a net profit of 40%-50%. Over the past year Stewarts has acquired an extra 10,000 sq ft of office space in London and recruited 15 new lawyers. Key lateral hires for the firm have included Philippa Charles from Mayer Brown, who was appointed to head the firm's new international arbitration team.

In September last year the firm hired high-profile family law partner Helen Ward from Manches to join the firm's divorce and family team.