Mishcon de Reya's average profit per equity partner (PEP) has hit £1m for the first time.

The jump comes as net profit at the firm also grew to £35m and the firm's London revenue increased to £128m, up 16% on last year's turnover of £110m.

In 2014-15, the firm hit its £100m turnover target a year early.

Its City arm brought in £110m, smashing its aim of boosting revenue to at least £100m by 2016, which it laid out in its three-year business plan in 2012.

Mischons said its most profitable practice in 2015-16 was litigation, which brought in £43.5m in revenue.

During the past two years, the firm has focused heavily on building up its litigation practice as part of its goal to become the best litigation firm in London, which it also set out in its 2012 business plan.

Recently, the firm returned to King & Wood Mallesons (KWM) to build its London partnership.

Mishcon hired KWM London intellectual property (IP) head David Rose in April this year. The move reunited him with former KWM IP head Ray Black, who made the move in 2015.

In 2009, Rose replaced Black as IP practice head when the former head stepped down from the role after 18 years.