Hogan Lovells has reported a 10% increase in global profit per equity partner (PEP) in 2013, while revenue is up 5%, marking a record year for the firm.

The transatlantic firm saw revenue for 2013 increase by 5.2% to $1.718bn (£1.032bn), with London turnover up 4.5% to £265.4m.

PEP was up by 10% to $1.208m (£726,000), compared to a figure of $1.097m (£659,000) in 2012. Revenue per lawyer increased by 3.7% to $742,613 (£446,000), up from $716,152 (£430,000) in 2012.

The results represent the firm's best performance since the 2010 merger between legacy Hogan & Hartson and Lovells, and are a marked improvement on last year when the firm posted a 2% drop in global revenues. Last year's London turnover fell by 9%.

By region, Hogan Lovells saw 46% of total billings coming from the Americas, 47% from London and Continental Europe combined and 7% in Asia and the Middle East.

In terms of global practice groups, corporate represented 31% of total billings, litigation, arbitration and employment (LAE) 29%, government regulatory 15%, finance 15%, and intellectual property, media & telecoms (IPMT) 10%.

The firm's London office, which accounts for 24% of the firm's worldwide revenues, saw corporate make 34% of total billings, LAE 32%, finance 24%, IPMT 6% and government regulatory 4%.

Commenting on the results, Hogan Lovells co-CEO David Harris (pictured) said: "This is a reflection of the approach we have been taking over the last few years – focusing on cross-selling our major clients, winning more high quality work and being flexible on fee arrangements to deliver real value to our clients.

"We have also expanded in new markets, with our office openings in Rio, Sao Paulo and Johannesburg, as well as developing our Asia practice. I expected to see these results come through last year but these things take time and the market improvement has helped. It is a really encouraging performance and our best ever year."

Warren Gorrell, co-CEO added: "The balance that we have is what we want to continue. Our litigation department is a stand-out practice and has been a real asset during the downturn. There are few firms that can match this. We are looking at other markets but are not interested in being the largest firm in the world."