Macfarlanes has posted its 2010-11 financial results, with both revenue and profits per equity partner (PEP) increasing at the firm after a slight dip last year.

The firm has seen turnover grow 2.5% to £94.7m, up from £92.4m last year, while PEP rose to £752,000, 4.6% up on the 2009-10 figure of £719,000.

The results are also ahead of the firm’s 2008-09 financial performance, when revenue stood at £94.3m with PEP at £744,000.

The bulk of the year’s revenue was was generated by the firm’s corporate practice, which brought in £36m, followed by finance with £17m and property at £15m.

Senior partner Charles Martin said: “We’re moving in the right direction with a strong set of results, but we’re in an environment where transactional activity is still down and this is a practice that obviously really matters for us.

“We have restructured ourselves a bit this year in light of a tough time in 2009-10 when property work was really suffering, and we are now seeing higher levels of activity again, but there is still more to be done over the next year, and we will be looking at which practice areas we can extend and develop further.”

The firm currently has 74 partners, 53 of which are in the equity, with a total lawyer count of 225.

The news follows Travers Smith’s results, which were also announced today (8 July), with turnover remaining static at £72m against an 8% drop in PEP.

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