Scotland-headquartered legal firm Maclay Murray & Spens saw its profits fall in 2015-16 despite increased turnover, its figures for the year to 31 May 2016 show.

Although revenue for the year rose by 3% to £44.8m, net profits fell by 23% from £13m to £10m, its lowest in recent times. Average profit per equity partner was down from £283,000 to £248,000. The firm had 40 equity partners at the end of the year, compared with 46 the year before.

In 2014-15 profits rose 6.5% as revenue remained stable.

Last February reported merger talks with UK firm Addleshaw Goddard were called off.

Chief executive Kenneth Shand said the firm had continued to invest for the future through 2015-16, which had helped deliver the increase in turnover.

“Having invested in people, creating further depth and breadth across the firm, we are confident that the overall financial performance will continue to be strengthened in the coming months. The firm remains debt-free and cash positive", he commented.

“Most importantly we have a strong volume and quality of activity in our pipeline of work and we are being instructed by clients on complex and high profile transactions.”