Burness Paull will pay out bonuses of 5% to employees following a solid set of financial results, including a 7% increase in revenue to £57.6m.

Average profit per equity partner (PEP) at the Scottish firm also grew to hit £474,000, up from £452,791 last year, while profits rose to £23.8m, up 8% from £22m last year.

All employees will be paid a bonus of 5% of individual salararies for the last financial year, at a pro rata rate if someone started during the course of the financial year.

The firm, whose chairman Peter Lawson took over the role from Philip Rodney on 1 August, has just completed the first year of its three-year plan to increase growth across its three offices in Aberdeen, Edinburgh and Glasgow.

This is the ninth year of consecutive growth for Burness Paull, which was recently added to Lex Mundi's international law firm network. The firm said this has resulted in a 30% uptick in international mandates over the past year.

Lawson said: "These excellent results support our strategy of combining in-market focus with global reach. Clients want to work with market-leading specialists, who are regularly transacting across the jurisdictions they operate in, to form cutting-edge partnerships. That's our sweetspot.

"We have delivered an excellent financial performance in what has been a choppy year for the Scottish economy. There will undoubtedly be more challenges to come as a result of the uncertain political and economic backdrop. However, there will also be opportunities for those who are prepared to be bold and adapt."

Employee headcount at the firm grew almost 5% during the year to reach 505, of which 317 are fee earners.

The firm also saw another change in management this month, with property partner Tamar Tammes replacing Ian Wattie to become the firm's first female managing partner.

Meanwhile, Scottish competitor Brodies has posted revenue growth of 2% for this year – up from £66.8m to £68.6m. Profit for the firm also rose to £32.9m, up 3.5% from £31.7m.