Ince & Co has suffered its third consecutive year of falling revenue, with its turnover sliding 4.6% in the 2015-16 financial year.

The firm reported that its revenue fell to £76.2m in 2015-16, from £79.9m in 2014-15.

This is the third year in a row that the firm's revenue has declined. In 2012-13, the firm's revenue was £91.7m; in the three years since, it has declined by 16.9% to £76.2m.

The firm declined to give profit per equity partner (PEP) numbers or net profit numbers, but last year the firm's profit for distribution was £21.9m and its estimated average PEP stood at £275,000.

Ince & Co has undergone a turbulent couple of years, that have seen partners kicked out and redundancies among support staff.

Senior partner Jan Heuvels has instituted a new strategy, which aims to increase the amount of transactional work done by the firm.

To that end, the firm has added new partners such as insurance partner Jennifer Donohue, who joined from Locke Lord, and aviation lawyer Will Cooper who joined the firm as a partner from the Export Credits Guarantee Department, the UK government's export credit agency.

It has also moved to smaller premises in London, overhauled its lockstep and bonus pool system, opened an office in Cologne and launched a consultancy service.

Heuvels said: "We exceeded what we expected to achieve financially last year and I am proud of this, considering the current challenges in the markets in which we operate.

"The last quarter of 2015-16 was our busiest since Q2 2013/14 and we have carried that through into this financial year. I therefore believe that we are beginning to reap the benefits from the improvements that we have made."