Farrer & Co has seen revenues hit £50m with a 2.4% increase for the 2012-13 financial year.

The firm saw revenues increase to £50.8m from £49.6m in 2011-12, while profits per equity partner (PEP) now stands at £427,000 compared with £419,000 last year – an increase of 1.9%.

The firm's equity ranges from £265,000 at the bottom to £560,000 for top earners.

Farrers had an average of 26 equity partners throughout the last financial year, with average lawyer headcount dropping slightly from 174 last year to 164 this year.

In May Farrers announced that it had made nine people redundant, following a consultation round started in January. Those affected included one fee earner, two professional support lawyers, three secretaries and six business services staff.

The firm's disputes practice accounted for the biggest proportion of turnover at 33%, with corporate coming second at 17%.

The firm has also recently extended its contract with Intelligent Office (IO) to provide managed services, including print, front of house, archiving, mail room and records management.

The arrangement, which builds on a partnership first formed in 2007, also sees IO support Farrer's facilities teams and goods procurement. Intelligent Office said its partnership with Farrer to date had resulted in a reduction in administrative costs per fee-earner of 17%.