Berwin Leighton Paisner (BLP) saw revenue fall by just under 2% in 2015-16 to £254m, down from £259m in 2014-15, with the firm announcing its financial results at the same time as confirming that it is delaying its salary reviews in the wake of Brexit.

While revenue dipped, average profit per equity partner (PEP) grew by 4% during the same period, to £683,000 from £659,000. Limited liability partnership accounts filed with Companies House in January showed the firm's partnership declined by 10% during the 2014-15 financial year.

In a statement, BLP said particularly strong practice performances came from BLP's real estate disputes, real estate finance and asset finance teams, with the private wealth sector seeing solid growth. The litigation and corporate risk practice was the most profitable group globally .

Managing partner Lisa Mayhew (pictured) said: "We have all worked hard to continue our upwards profitability trajectory, achieving our second highest PEP figure ever. We are also particularly pleased to have ended another year with net positive cash."

The firm has a net positive cash balance for the second year in a row, with a figure of more than £6m, despite its investment in AdventBalance via a merger with LOD.

Within the 2015-16 financial year, the firm made 12 lateral hires and promoted 17 to its partnership.

BLP usually reviews UK-based staff salaries on 1 July but today announced it has pushed back the review until November due to "market uncertainties arising out of the recent EU referendum". In a statement, the firm said employees who have been promoted will still receive related salary raises and bonuses will also be paid.

Earlier this year, BLP held transatlantic merger talks with Greenberg Traurig which, had they been successful, would have created a 2,500 lawyer firm with combined revenue of £1bn.

The talks were called off in March, with Mayhew stating that the firm had concluded it was in the best interests of the partnership to end the discussions.