Hill Dickinson's profits and profit per equity partner (PEP) grew significantly in the last financial year, its latest results have revealed, but the firm's revenue shrank following the sale of its insurance business.

PEP shot up by 27% to hit £370,000, while the firm's operating profits rose by 20% to reach £16.8 million.

Revenue shrank 6.6% to £90.5 million following the disposal of its insurance arm to Keoghs last year. Turnover at the remaining part of the business grew by 10%, the firm's CEO Peter Jackson told Legal Week.