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Revenues at Birmingham law firm Shakespeare Putsman have increased to £23.4m.

The firm, which has been through two mergers in the last year, said the rise "sets a firm foundation" for the next three years ahead.

Underlying revenues for the year totalled £28m.

Shakespeare Putsman merged with Nottingham law firm Berryman in November 2010. This followed West Mids firm Needham & James merging into Shakespeare Putsman in July last year.

Paul Wilson, chief executive, said: "The Midlands economy and the legal sector as a whole both remain very difficult markets in which to operate. We are very pleased that in four of our five main business areas we have seen a small growth.

"The Midlands property market remains very flat compared to the highs of three years ago - we continue to have a very successful, if somewhat smaller, business in this sector. Total revenues have met our expectations in a year of significant change and growth.

"Our decision to amalgamate Shakespeare Putsman, Berryman and Needham & James was based on our firm view that the economy will stay flat for the next three years, clients will become more demanding, and that we will therefore need to invest heavily in our people, technology and brand to serve their needs. Our combined strength in depth sets a firm foundation for the next three years.

"I am particularly pleased that we have decided to reward our staff across all of our sites for their efforts in making us so successful."

The firm employs 370 people across five offices in the Midlands.