City firm Herbert Smith has increased both its turnover and average profits per equity partner (PEP) this year.

Unveiling its 2009/10 financial results today, the top-10 firm (pictured) reported turnover up slightly to £450m from £444m in 2008/09, with PEP 2% higher at £862,000.

Turnover has fallen at most firms that have reported financial results this year, though many firms have reported a recovery in PEP notwithstanding.

Last week, City firm Ashurst reported turnover down 2.6% to £293m compared with £301m in 2008/09. PEP rose 2.4% to £689,000 from £672,000 over the same period.

The magic circle firms have yet to report their results.