Olswang has recorded a fall in profit per equity partner for the second year running in the latest set of law firm financial results to be released while BLM has seen its PEP rebound sharply.

Olswang's fall in PEP comes despite an increase in its unaudited revenue to £117.6m – up 5.7% against last year's unaudited figure. When compared with the audited turnover for 2012-13, the increase jumps to 7%.

The firm meanwhile expects to see profit per equity partner PEP fall 3.9% from £510,000 to £490,000. Last year it recorded a similar dip in PEP of 3.8%.

Olswang CEO David Stewart (pictured) pointed to particularly strong performance from the firm's offices in Germany, Belgium and France, as well as a "significant" contribution from its Asia practice.

He added: "We're satisfied with our results in what has been a mixed year, with strong half year performance balanced by a more challenging last quarter.

"We have welcomed ten new partners, invested in new premises in Berlin and Singapore, as well as strengthened our operational base. We have an ambitious plan for both profit and revenue growth for 14/15, and we are confident we will deliver this."

Meanwhile BLM increased its revenue by 5.2% from £84.7m to £89.1m in 2013-14, while PEP leaped from £214,100 to £245,500, marking an increase of 14.7%. Last year PEP dropped by 13% against the figure recorded in 2011-12.

Net profit at the firm has grown by 13% to £15.7m. The top of its equity earnings stood at £347,800 for 2013-14, while the bottom was £100,300.

Legacy Berrymans Lace Mawer's £100m merger with Scotland's HBM Sayers, which subsequently saw the firm rebrand as BLM earlier this year, are not included in the figures. The combination went live on 1 May 2014.