Total revenue was up from £34.6m in 2005-06 to £39m last year. The solid growth was reflected in the Scottish-headquartered firm's London office, which doubled its office space in January this year.
Shepherd & Wedderburn chief executive Patrick Andrews said the firm had been looking to accelerate the future growth of the firm a year ago.
"We have begun to deliver this through fantastic client work and some strategic lateral hires and internal promotions," added Andrews.
The firm appeared on some notable deals during the year, including acting for: Cairn Energy on the $6.3bn (£3.19bn) Indian IPO of its subsidiary Cairn India; ScottishPower in the £11.6bn takeover bid by Iberdrola; and British Land in its role as property manager for the Hercules Unit Trust.