Bond Dickinson has posted falling revenue and partner profits for 2015-16, citing a tough post-Brexit market in which there are "too many lawyers and law firms".

Revenue at the national player dropped to £104m from £107m, a 3% decrease, while profit per equity partner also fell to £275,000, down 3% from last year's reported figure of £284,000.

Managing partner Jonathan Blair put the results down to tougher market conditions and the impact of the Brexit vote. "In the last quarter there were Brexit worries. It is a very competitive environment and there are still too many lawyers and law firms," he said.

The firm also made a number of investments during the year, including a new IT system and five lateral partner hires.

Blair said the firm's transatlantic alliance with US firm Womble Carlyle Sandridge & Rice, announced in June, had had an impact on results, labelling it "distracting, in a good way".

However, he said that it had been a strong year for the firm's real estate practice, which had continued into the first quarter of 2015-16, and he also singled out the firm's transport sector for praise. The firm is one of five on the Network Rail panel and also acts for train operating companies such as Abellio.

The US alliance with Womble Carlyle, announced in June, is an exclusive arrangement with cross-referrals between the two firms. The North Carolina-headquartered firm had revenue of $296.5m (£209m) in 2015, making it the 111th largest firm in the US by revenue, according to data from Legal Week sister title The American Lawyer.

Bond Dickinson, which was formed in 2013 by the merger of Newcastle's Dickinson Dees and southwest firm Bond Pearce, is aiming to become a top 20 UK firm by 2020. Last year's financial performance saw it ranked 36th in Legal Week's UK top 50.