Shearman & Sterling's revenue and profits per equity partner each rose just over 1% last year, as the firm balanced new hires, exits and new office openings amid a renewed focus on U.S. business.

Gross revenue grew 1.3% to $968.16 million, and average profits per equity partner rose 1.2% to $2.46 million. As total lawyer head count declined by nearly 4%, a net loss of about 33 lawyers, the firm's revenue per lawyer grew 5.2% to $1.14 million.

It was a year of "steady, consistent growth," said senior partner David Beveridge. "What we've been doing is reshaping our business to focus on our most profitable practices," growing revenue from corporate and private capital clients, such as hedge funds, private equity and sovereign wealth funds, he said.