Addleshaw Goddard's revenue fell 2% during the last financial year, with fee income dipping from £201.8m down to £198m.

The year-on-year drop ends a run of positive growth for Addleshaws, which last year saw revenue climb by just under 5% against a 39% hike in profits per equity partner to £682,000.

The firm had previously posted a double digit hike in revenue in 2013-14.

According to Addleshaws, underlying fee income grew 2% on a like-for-like basis in 2016-17, with the firm stating that its reported revenue figure in 2015-16 included an uplift in fees paid for mandates carried out in previous years.

Net profit and profit per equity partner figures are not yet available, however the firm said in a statement that profit per point is up 4% on the previous year.

Addleshaw Goddard managing partner John Joyce said: "We are very pleased to have grown both our domestic and global turnover while improving our underlying profitability, particularly when you factor in the material investments we have made in teams and infrastructure and the effect on our transactional teams of UK trading conditions in the summer period, [after] the referendum."

"We continue to invest, in order to better support our clients, in our infrastructure, talent and 'new law' capability and this, combined with the diversified nature of our business, leaves us well placed to build on the strong pickup during the second half of last year and the encouraging start to this year."

More than 70% of Addleshaws' revenue comes from its eight core sectors: financial services; real estate; retail and consumer; energy and utilities; industrials; transport; digital; health and life sciences.

The firm made a number of investments during the past financial year, adding 23 partners across its offices, including four within its international network. The new partners were a mix of lateral hires and internal promotions.

In addition, the firm invested in new offices in Leeds and Manchester, as well as expanding in Hong Kong.

The results do not include revenue from Scots firm HBJ, which Addleshaws merged with last month, adding offices in Edinburgh, Glasgow and Aberdeen to its network.