Withers has posted its financial results for 2012-13, with revenues up 4% on last year while profits per equity partner (PEP) have fallen by 4%.

The firm, which recently called off merger talks with Speechly Bircham, has seen revenues increase from £113.3m last year to £117.8m, while PEP has dropped from £386,000 to £370,000.

Net profit, meanwhile, has fallen 7% from £24.2m in 2011-12 to £22.5m this year. The spread of the equity ranges from £272,000 to £519,000 at the top. As of 1 May, the firm's total number of partners stood at 107, 60 of which are full equity.

Broken down by practice, the firm's wealth planning group made up almost half of turnover (48%), followed by disputes (17%) and corporate (15%).

Commenting on the results, managing director Margaret Robertson (pictured) said: "Despite seeing a growth in revenues, particularly in Asia, they weren't as high as we had originally forecast, which in turn impacted our profits. This was predominantly the result of a sluggish corporate market and the need to replace big-ticket litigation cases which ended."

Withers and Speechly Bircham confirmed they were in talks over a merger in March this year, a deal which would have created a UK top law 25 firm with revenues of around £170m. The talks were subsequently called off in May.

The firm also recently appointed New York chief Ivan Sacks as its first US-based chair. Sacks has succeeded former chairman Anthony Indaimo, who stepped down on 1 July.

This week the firm announced the appointment of corporate partner Sergio Anania from DLA Piper, who will join its Milan office on Monday (22 July) along with associate Stefano Cignozzi.