Clifford Chance (CC) has seen revenues fall 2.5% and profits per equity partner (PEP) dip 9%, as the firm becomes the last of the UK's four biggest magic circle firms to announce its financial results for 2012-13.

The firm saw revenues fall to £1.271bn, down from £1.303bn last year, while PEP now stands at £1m, after average equity partner count rose from 400 to 411 over the year.

CC's results mean that the firm continues to lead its magic circle peers in terms of revenue, after Freshfields Bruckhaus Deringer last week edged ahead of magic circle rivals Linklaters and Allen & Overy with 7% growth in revenues to £1.22bn.

CC attributed the fall in revenues to the effect of exchange rate movements.

Broken down geographically, CC's UK arm accounted for 35% of firmwide revenues with £443m, staying flat on the previous year, while continental Europe contributed 37%, which also remained static at £467m.

Asia work amounted to 14% of the business, 3% down on last year when it brought in £185m, while the firm's US arm brought in 11% and the Middle East accounted for 3%.

In the past financial year CC became the first UK firm to launch a new outpost in Seoul and has gained approval to form a mixed local and foreign lawyer partnership with longstanding Saudi Arabian ally Al-Jadaan. It also sealed a formal alliance with Singapore specialist litigation boutique Cavenagh Law.

CC managing partner David Childs (pictured) cited the litigation and banking practices as particularly strong performers, while noting that the firm continues to secure prominent roles on large M&A transactions.

Childs said: "This is a solid set of results. Given the difficult operating environment for many of our clients and the depressed transactional markets, we are pleased to have maintained revenues last year.

"We are living through an extended period of choppy conditions in global markets. However, our continued investment across geographies and practices has given us a broad-based business with the resilience to weather this volatility, as shown by our results over recent years as well as the major mandates and awards that we have been proud to win."

Childs added that the firm has seen increased market confidence on the back of indications of an upturn in volumes of transactional work. Highlights during the past financial year include advising Glencore's sponsors and financial advisers on the acquisition of Xstrata and Anheuser-Busch InBev on the financing of its $20.1bn (£13.5bn) acquisition of Mexican brewer Grupo Modelo.

Related: Freshfields overtakes Linklaters and A&O by revenue with 7% hike.