Simmons & Simmons has become the second large City firm to release financial results for 2007-08, announcing an increase in turnover of 16 per cent.
The firm also achieved its PEP target by breaking £600,000 for the first time.
Managing partner Mark Dawkins put the growth down to strong performance by the corporate department in the first half of the year.
He said the final figure for PEP is still being calculated but would be "well over" £600,000.
"It was a figure we said we would target at the beginning of the year so we are very pleased with that. It is a big improvement on last year."
Profit per partner rose by at least 13 per cent during the last financial year, up from £530,000 in 2006-07.
Dawkins added that the litigation and finance groups had also performed well, compensating for a quieter second half of the year for the corporate department. Last year Simmons' turnover grew by 10 per cent, a result which saw the firm bumped out of the top 10 by Ashurst, while PEP rose by 13 per cent from £470,000 to £530,000.