Norton Rose Fulbright has posted global revenues of $1.732bn (£1.16bn) for the 2015-16 financial year.

The figure is 3% down on the total of $1.792bn (£1.12bn) reported last year.

However, in a statement the firm said its US dollar figures are "very susceptible" to currency exchange moves and that if like-for-like exchange rates were used, this year's performance would represent a 4.6% increase.

The statement added: "In the past year, the sterling, euro, Australian and Canadian dollars and South African rand experienced significant negative moves against the US dollar."

The firm is yet to provide profit figures for the past financial year, and last year declined to provide a figure for profit per equity partner.

Norton Rose is currently focusing on lateral hires and cost-cutting following a series of mergers during the past few years, which culminated in the 2013 tie-up with Houston's Fulbright & Jaworski.

In 2014, the firm launched an office in Rio de Janeiro, its 55th office worldwide. More recently, it began bolstering its headcount in the US, hiring a 17-lawyer public finance team from Sidley Austin in June. The move saw it open in California for the first time.

The firm is also aiming to increase the efficiency of its global network, and announced in May that it would cut 170 global business services roles and open a low cost legal centre in Manila later this year.