Olswang has recorded a fall in profit per equity partner for the second year running in the latest set of law firm financial results to be released while BLM has seen its PEP rebound sharply.

Olswang’s fall in PEP comes despite an increase in its unaudited revenue to £117.6m – up 5.7% against last year’s unaudited figure. When compared with the audited turnover for 2012-13, the increase jumps to 7%.