Irwin Mitchell saw group income rise by 1.2% in the 2013-14 financial year, taking turnover up to £202.7m from last year's mark of £200.3m.

The results reflect a year of significant expansion by the firm, which has opened offices in Cambridge and Southampton already over the past 12 months and made 26 lateral partner hires.

Partly as a result of its continuing investment in the business, profit before tax – the profit the group made after paying profit distributions to partners – was down from £18.7m to £17.1m. Profit per equity partner (PEP) fell from £619,000 to £571,000 – a drop of 8%.

However, the firm stressed that its corporate group structure, which includes a number of alternative business structure (ABS) subsidiaries, means it does not view PEP as a key metric, with partners remunerated through a combination of monthly drawings and performance-related pay.

Group chief executive Andrew Tucker (pictured) told Legal Week: "PEP is simply not the be all and end all measure for us."

Tucker added that the firm was looking for further medium-term expansion, both through organic growth and, potentially, acquisitions.

"The important thing is to make the right investments, but for the medium and long-term we expect to become a more substantial, financially secure legal services group than we are currently.

"We expect to grow significantly in terms of both turnover and profit."

In March, Irwin Mitchell took out a four-year £60m loan facility, underwritten by HSBC, Lloyds Bank and Royal Bank of Scotland, to help fund future growth. Tucker described securing the facility as "a clear vote of confidence in our financial strength and our plans".