Average revenues across the 23 largest US law firms to have so far announced results for the 2014 calendar year climbed 5.8% year-on-year, with the increase coming against a 7.2% rise in profits per equity partner (PEP).

Analysis by Legal Week of early figures shows that with markets picking up last year the rate of both revenue and turnover growth in 2014 outpaced performance in 2013.

Average revenue across the 23 firms in 2014 stood at $1.23bn (£806m), compared with $1.16bn (£759m) in 2013. Average PEP meanwhile climbed to $2.05m (£1.34m), up from $1.92m (£1.26m) the previous year.

The figures suggest firms are benefiting from the relative strength of both the US and UK economies, with several pointing to strong growth in London as a reason for their performance.

Twenty-two of the results analysed are from US firms in Legal Week's 2014 global top 50. The 23rd – Cooley, which launched in London in January, would join the ranking based on its performance this year.

The star player in the group is Latham & Watkins, which recorded a 14.3% hike in revenue to $2.61bn (£1.71bn), up from $2.3bn (£1.51bn) in 2013, with PEP surging by 16.5% to $2.9m (£1.88m), up from $2.5m (£1.6m). The results mark a historic high for the firm and mean it has surpassed the 2014 revenues reported by DLA Piper . Baker & McKenzie, which topped last year's rankings has not yet announced its 2014 figures.

In addition, three firms – Paul Hastings, Davis Polk & Wardwell and Paul Weiss Rifkind Wharton & Garrison – broke the $1bn (£655m) revenue mark for the first time, taking the total number of firms with revenue over this level to 13 of the 22 announcing so far.

Other notable results include Weil Gotshal & Manges' 16% rebound in PEP to $2.4m (£1.6m) after a 7.4% drop the year before, while Cooley experienced the steepest surge in revenue at 19% to $802m (£525m).

Several firms highlighted growth in Europe, with some seeing London revenue growth outstrip firmwide increases. Shearman & Sterling, for example, saw London revenues climb by 7%, marking a fifth consecutive year of growth for the US firm's City base.

The result, which means London revenues now stand at $144.6m (£93m) comes alongside 3% firmwide revenue growth to $845m (£544m).

Elsewhere, Milbank Tweed Hadley & McCloy's London office saw revenues jump by 14% to $103.7m (£67.3m), a figure that represents 14% of the firm's global revenue, which rose by 7.8% to $761m (£494m).

Some firms also benefited from a growing presence in US energy hub Houston. Last year oil prices dropped by 48%, the most since the 2008 financial crisis, which triggered a rush of related M&A.

Seth Zachary, chairman of Paul Hastings, explains: "In light of the changes in the energy world we're seeing more traditional finance and structured finance work, which is giving rise to more M&A work."

Reed Smith managing partner Sandy Thomas says the firm's presence in Houston was a strong contributor to its 7.1% global revenue growth last year.

The results analysed comprise: DLA Piper, Latham; Hogan Lovells; Sidley Austin; White & Case; Gibson Dunn & Crutcher; Greenberg Traurig Maher; Mayer Brown; Reed Smith; Weil; K&L Gates; Davis Polk; Paul Weiss; Paul Hastings; King & Spalding; McDermott Will & Emery; Orrick Herrington & Sutcliffe; Akin Gump; Shearman; Dechert; Cooley; Goodwin Procter; and Milbank.

For more, see New York calling – will 2014 results widen gulf between UK and US firms?

Top performers by revenue growth
Cooley: +19%;
Latham & Watkins: +14.3%
Paul Weiss: +10.2%

Top performers by PEP growth
Latham & Watkins: +16.5%
Weil Gotshal & Manges: +16.2%
King & Spalding: +12.1%
Mayer Brown: +12.1%