Hogan Lovells partners are to pay in additional capital to the firm later this year, as part of a long-running initiative to boost the global firm's capital reserves.

Partners' capital payments will increase by 7.5% per year for the next five years, equating to around £10m each year.

The initiative extends an existing plan drawn up in 2014, when partners agreed to increase their capital contributions by 7.5% in both 2015 and 2016. This year-on-year increase will now continue until 2021.

The firm's board held discussions with partners last year about extending the recapitalisation plan, but no partnership vote was required.

Hogan Lovells deputy CEO David Hudd said: "We take a very conservative approach to managing our business and are averse to long-term bank debt. The programme is there to give the firm flexibility as we look at future investments."

The Anglo-US firm's revenue climbed by 2.3% to $1.82bn (£1.25bn) in 2015, with profits per equity partner (PEP) seeing a similar increase.

The results, which covered the calendar year to 31 December 2015, represented an increase from $1.78bn (£1.23bn) in 2014. PEP at the Anglo-US firm increased from $1.22m (£839.9m) to $1.25m (£862.7m) – a rise of 2.7%.

However, the firm's accounts for the year to 30 April 2015 showed turnover at Hogan Lovells International – which encompasses all of the firm's operations outside the US – fell by 2.2% last year, with profit per equity partner falling 11%.

Its cash position fell significantly, with £23.7m net cash at the year end, compared to £72.6m the year previous.