City firm Hogan Lovells has reported a 10% boost to partner profits in its first set of full-year financial results.

The firm, formed by the merger of US firm Hogan & Hartson and City firm Lovells last year, reported average profits per equity partner (PEP) of $1.14m (£710,000), up from $1.04m (£647,000) in 2009.

Fee income fell to $1.66bn (£1.03bn) from $1.68bn (£1.05bn) over the same period. The figures were calculated on a pro forma basis.

The firm also announced today that seven London lawyers have been promoted to partner, out of 36 partner promotions globally.

Hogan Lovells said that the US accounted for 46% of total billings; continental Europe 24%; London 24%; and Asia & Middle East 6%. Corporate represented 33% of billings; litigation, arbitration and employment 29%; regulatory 15%; finance 12%; and intellectual property 11%, the firm said.

Hogan Lovells co-chief executives Warren Gorrell and David Harris said: ‘We see this as a strong performance given the market conditions.

‘We continue to build our corporate and finance practices in London and New York as well as in other strategic markets.

‘We also plan to continue our growth in several markets, including California and in Asia and the Middle East.’

Meanwhile, US firm White & Case reported global 2010 revenues down 2.2% to $1.28bn (£797m), with average profits per equity partner down 2.4% to $1.56m (£971,000).

White & Case chairman Hugh Verrier said that the firm’s 2010 revenues were flat once foreign exchange movement had been factored in.

‘We are satisfied with what we consider to be a good result for 2010 and are pleased with the progress we are making toward our global strategy,’ he said.

‘This was a year of substantial investment for our firm. We continue to invest in building our business in key practices and across hubs, including London and New York, while adding capacity in emerging markets.

‘We are containing our costs effectively, as we and our clients manage through a protractedly challenging economic environment. White & Case London executive partner Oliver Brettle said that the London 2010 results tracked the firm’s results.