Stewarts has seen turnover fall by 20% during the last financial year, after a series of long-running litigation cases contributed to inflated results in 2016-17.

Revenues fell to £62.4m during 2017-18, down from last year's high point of £78.1m, alongside a 27.8% drop in profit per equity partner (PEP) from £2m to £1.45m.

The results come after the litigation-only firm entered the UK top 50 for the first time last year with a 25% increase in revenues and a 30% PEP hike.

However, at the time, managing partner John Cahill warned that the conclusion of a number of long-running cases had boosted that year's figures, and that the performance was unlikely to be replicated in 2017-18.

Cahill (pictured), said: "We are pleased to post a solid set of financial results. During the year, we have made significant investment in a number of new contingent cases.

"I indicated last year, when announcing a set of record results, that our revenue patterns will be 'non-linear', and that remains the case. The firm is targeting revenue of £100m by 2022."

The firm's equity spread has also fallen, now ranging from £1.6m at the top to £639,000 at the bottom, compared to equivalent figures of £2.46m and £968,000 last year.

Stewarts decided against a merger with litigation boutique Enyo Law last year, with early-stage talks ending in March 2017. The firm is one of the fastest growing among the UK top 50 in recent years, with turnover now up almost 80% from £34.9m in 2011-12.