Profits at the UK arm of international law firm Osborne Clarke grew less quickly than turnover last year, according to the firm's 2016/17 results. The figures released yesterday show UK turnover growing 7% to £121m (€138m) in the year ending 30 April. Net profit increased by 5% to £52.5m (€60.2).

Profit per equity partner grew 3%, from £635,000 (€728k) to £652k (£€747k).

Globally, the firm reported an increase in revenue, though currency fluctuations meant growth was not as high as previous years.

The firm, which reports in euros, reported revenue of £213m (€245m). At constant exchange rates that was 12% up on the previous year's figure of £191m (€219.6m). Taking into account currency fluctuations, revenue would have stood at £205m (€236.3m), a 3.7% rise.

Overall growth is not as strong as in previous years; the firm posted a 23% boost to revenue in 2015-16 and a 15% increase in 2014-15.

Ray Berg, UK managing partner, said: ‘We have an exceptionally well-run business with a clear strategy and many growth clients. These results reflect the high levels of dedication and commitment across our entire business and emphasise what a great team we have.’

A spokesperson for the firm said it is continuing to invest in recruitment and development and this year made up 29 partners across Europe and Asia, of which 31% (nine) were female.