London-based Druces & Attlee Solicitors saw its revenue fall from £7m to £5.8m last year following the retirement of two partners and the departures of two more for Weightmans and Edwin Coe.
The 200-year-old, 12-partner firm has responded with a strategic review that it hopes will see it significantly increase in size. The review was completed earlier this year and Druces is now embarking on a recruitment campaign aimed at growing its core areas of commercial property, corporate, litigation and private capital.
The strategic review has also led to the introduction of a new management structure.
Corporate partner Richard Monkcom said: "For the past 11 years we've had no managing partner, but have had a management board. Now we've slimmed down the board to form a two-partner executive body consisting of myself and [commercial property partner] Paul Goward."