Berrymans Lace Mawer has posted a 4% increase in revenue for 2012-13 while seeing profits per equity partner (PEP) dip by 13%.

PEP now stands at £215,000, down on the previous year's figure of £248,000, while total net profit fell from £15.1m to £13.9m.

The drop in profits comes despite an increase in revenue from £81.2m to £84.7m during the 12-month period up to 31 March.

In a year which saw the firm refrain from making any lateral partner hires, Berrymans' average partner count last year rose from 125 to 132, after the firm began the current financial year with 129 partners.

National senior partner Mike Brown (pictured) attributed some of the decline in profits to the firm's financial outlay on its new Dublin office, which was launched last October. The base has been set up as a separate legal entity and as such is not included in Berrymans' limited liability partnership accounts.

Brown said: "Turnover at Berrymans has increased, and that is the sign of a firm moving in the right direction. Our net profit, as expected, is slightly down on last year. This is due to continued investment in new people as well as the acquisition and deployment of new technology.

"We have also invested heavily in a new office in Dublin since the last financial year and workflow has increased considerably for that office; although as that is currently a separate legal entity it is not included in the firm's accounts.

"Due to the Legal Services Act we are also aware of increased competition from firms that are merged, acquisitions taking place and investment by private equity firms. We have no plans to stand still, with a number of exciting things in the pipeline including major business opportunities for 2013-14."