Operating profit was steady at £2.65m in the 12 months to February 29, 2012, which is similar to the £2.7m reported in each of the past two years.
The addition of two partners during the period, taking the total number to 22, saw profit per partner decline from £138,000 to £120,000.
Ian Turnbull, managing partner, said the firm, which has its main base in Edinburgh, will benefit in the current year from the recent opening of an office in Perth.
He said: "This has been another encouraging year for the firm during testing market conditions as we continue our strategy of reshaping our business to focus on core areas of legal expertise.
"An important step has seen us open our new office in Perth, which is enabling us to deliver our services more readily to a range of clients in Perthshire and Kinross, Angus and beyond.
"Looking ahead, we will consider other potential opportunities to develop our position in our chosen markets.
"I am conscious there have been a number of mergers in the sector and there will undoubtedly be more but that is not something we are looking at."
The firm said it had recorded an increased turnover in all its service lines except residential property.
Mr Turnbull said restrictions on mortgage lending were choking resurgence in that market.
However, the commercial property practice was ahead by 39% which was helped by an expanded house builder and construction team plus strong returns in the energy team.
Land and rural business increased by 32% and the corporate practice reported a 13% rise.
Mr Turnbull said: "Although deal activity remains sporadic, good quality service is still in demand."
The private client and dispute resolution and litigation practices posted steady turnover in line with the previous year.
Since the end of the financial year a further partner, Mike Blair, has been added in the land and rural business practice.
Mr Turnbull is hopeful of posting a further rise in turnover with trading since the year end going well, particularly in renewable energy and land and rural.