Freshfields Bruckhaus Deringer increased revenue by 4.4% last year, but the figure was some way down on that reported by the firm last summer.

According to LLP accounts filed with Companies House, the firm's revenue climbed from £1.177bn in 2011-12. The rise is significantly smaller than the 7.2% revenue hike reported by the firm last July. The firm said this was down to foreign exchange adjustments and a difference in unbilled revenue, which is not accounted in management accounts.

Similarly, the profit figures listed in the accounts are significantly lower than the management accounts reported by Freshfields last summer.

In July, the firm said net profit had increased 2% to £548m, while the accounts recently filed on Companies House show profit available for discretionary division amongst members stood at £312m, a 5% fall, year on year.

Freshfields explained the discrepancy by stating that remuneration of most partners outside the LLP – including Italy, the US, Moscow and Asia – are included in the audited accounts as an expense within staff costs, which grew 5% last year to £554m.

The profits figure was also impacted by partner retirement provisions, which are entirely dependent on future profits. These provisions increased "significantly" in 2012-13, according to the accounts, jumping 15% from £929.7m to £1.07bn within the financial year.

While the firm managed to increase revenue and profit, the average number of partners in Freshfields' LLP fell by 5% according to the filing

Last year, partner numbers decreased from 350 to 332, while there was a marginal increase in overall staff headcount from 4,476 to 4,561.

The partner with the highest remuneration and profit – including retirement payments – stood at £2.5m, a fall from the previous year's figure of £2.9m.

As reported by Legal Week last summer, the revenue jump in 2012-13 put Freshfields ahead of its magic circle peers Allen & Overy and Linklaters. The further increase in audited revenue means the firm is just £42m behind Clifford Chance, the highest revenue-generator of the group.