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Turnover at Simmons & Simmons has increased by 10 per cent, from £227m to £250.6m, during the last financial year.
The relatively small rise means Simmons has been leapfrogged by Ashurst and relegated from the top 10 firms in the UK ranked by revenue.
Silver circle firm Ashurst revealed an impressive 28.5 per cent rise in revenue last month to hit £275m.
That said, Simmons has broken the £500,000 average profit per equity partner (PEP) barrier for the first time, with an increase of nearly 13 per cent, from £470,000 to £530,000.
Managing partner Mark Dawkins said: "The firm's continuing good performance is very pleasing, as is exceeding a PEP of £500,000 for the first time."
Earlier this year (5 March) The Lawyer reported on the Simmons' merger with Spanish firm Mochales & Palacios, which came just two months after it launched an office in Amsterdam - its second in the Netherlands. The merger and the office launch are part of the firm's European growth strategy.
Dawkins said: "Our sector focus is also producing good results, illustrating that focusing on key parts of the market and being the best in those areas is the right strategy for the firm."