Revenue at Withers grew 4.7% in the last financial year, up from £117.8m to £123.3m, while Trowers & Hamlins suffered a drop in turnover for the second straight year.

The Withers results follow a 2012-13 in which turnover at the private client focused firm also increased by 4%.

Net profit at Withers dropped marginally, from £22.5m to £22.4m, which management put down to significant investment in IT infrastructure and international offices. Of the seven partner promotions Withers made last month, only one was in the firm's London office, with US locations being home for the majority of new partners.

Profit per equity partner (PEP) ticked up 1.6% from £370,000 to £376,000 after falling 4% in 2012-13. The top of the equity ladder reached £524,000, while the bottom stood at £250,000. In 2012-13, the spread of the equity ranged from £519,000 to £272,000.

By practice area, wealth planning accounted for nearly half of all revenue (46.8%). Litigation/arbitration and corporate were the next two largest areas, generating 16.9% and 15.1% of revenue respectively. Partner headcount at the firm remained unchanged.

Withers managing partner Margaret Robertson (pictured) said: "We are pleased to see that strong domestic demand and international growth have contributed to a 4.7% increase in revenue this year…We look forward to another busy year in which we strengthen our position as the leading law firm for serving successful people and their families."

Last May, Withers abandoned merger talks with Speechly Bircham after proposals were put to a partner vote. Speechly went on to secure a merger with Charles Russell last week.

Meanwhile, Trowers & Hamlins has reported a 15% increase in net profit, despite a drop in fee income. Net profit grew from £15.8m to £18.1m, while PEP was up 4% to £320,000. Real estate was a key area for the firm, contributing 43% to overall turnover.

However, revenue at the firm has now fallen two years in a row, going from £80.8m in 2011-12 to £77.2m in 2013-14, a decrease of 4.5% overall. The firm said that the dip this year was "caused by exchange rate differences".

In the UK, revenues saw a very marginal fall from £61.5m in 2012-13 to £61.3m this year. The firm also said it ended the year with no net debt.

Kennedys has also confirmed its PEP figure for the last financial year as £418,000, a decrease of 2.5% from 2012-13. Last month, Kennedys announced a double digit rise in turnover for the 2013-14 financial year, growing from £117m to £128.5m on the back of a merger with aviation and aerospace law firm Gates and Partners, which went live on 1 June 2013.