DWF has reported a 21% slide in profit per equity partner (PEP) in 2014-15 as the firm's revenue stayed broadly flat.

Turnover for the year crept up 1% from £189m to £191m while PEP fell to £325,000 from £411,000 the previous year.

The fall in PEP follows a 4% fall in PEP in 2013-14.

The firm said its strongest revenue growth in 2014-15 came from its corporate and banking practice, where turnover climbed 3% to £33m. Revenue in its real estate practice also rose 1% to £33m.

The firm said the performance of these two practices was "in line with the firm's strategic growth plans" and "reflected its investment in lateral partner and team hires" in recent years.

Managing partner and chief executive, Andrew Leaitherland, said the firm's focus over the last year had been "consolidation" following a series of mergers in recent years.

In April this year it announced it would merge with niche insurance litigation practice Watmores.

In 2013 the firm merged with professional indemnity practice Fishburns. That followed its merger with Scottish firm Biggart Baillie and Birmingham insurance boutique Buller Jeffries in 2012. The year before it merged with Newcastle insurance firm Crutes.

Leaitherland said: "We know it takes time to see the returns and it's a good indicator of our business that we've continued to grow despite these investments, and also operating within markets such as insurance where our clients are experiencing challenges to which we've responded.

"We're confident that these substantial investments in our infrastructure, in our people, and our technology platforms will put us in a stronger position for the future."

During 2014-15 the firm also moved its headquarters into the Walkie Talkie building in London.