Irwin Mitchell has posted a 5% increase in revenue which has seen the firm breakthrough the £200m turnover milestone for the first time.

For the 12-month period to 30 April, the firm saw revenues increase to £200.2m compared to £191.1m the previous year, while profits rose 3% to £19.1m.

The boost in turnover and profits comes in a year which the firm converted to an alternative business structure (ABS).

The firm also recently switched to reporting results on an accrual basis rather than cash in hand basis, which mirrors its LLP filings with Companies House. Under its previous system the firm had reported 2011-12 revenues of £183.7m.

Irwin Mitchell's revenue total includes income from subsidiaries such as debt collection agency Ascent and claims handling company Coris. In November the firm predicted Ascent would take in total turnover of around £5m in 2012-13 following its acquisition of debt collection agency PDP Management Services.

Partner numbers rose substantially during the year, from 137 to 172, an increase of 26%, while equity partner numbers inched up from 63 to 67. This hike in partners can be attributed to the firm's intention to grow the commercial arm of it business dubbed Business Legal Services.

The firm made a number of hires to strengthen this area during the year including a four-partner real estate team from DLA Piper led by Anita Weightman, corporate partner Jon Close from Freeth Cartwright and banking partner Dean Gormley from Nabarro.

Irwin Mitchell Group chief exec John Pickering (pictured) said: "2012/13 was another very strong year for our rroup in which income exceeded £200m. This is a significant milestone for us but the story does not stop here.

"This latest set of results shows that we are a strong, well-managed business and on that basis, we are confident of delivering further growth in the coming financial year and beyond.

"The financial year 2012-13 was the year in which Irwin Mitchell became the first multiple-licensed ABS in the UK and all parts of our business are performing well. We are in a good position to grow significantly and to take advantage of the right opportunities when they come along."