Shearman & Sterling’s London office has announced its 2010 financial results, posting a 5% increase in revenues against a double-digit drop in profits per equity partner (PEP).

The US firm’s gross fee income in London stood at $104.2m (£63.9m) for the 2010 calendar year, a 5% increase on the 2009 total of $99.7m (£61.2m).