Scottish firm Brodies has ended its eight-year run of double-digit turnover growth after posting a turnover rise of 5 per cent for 2008-09.
At the end of the financial year turnover stood at £39m, up from £37m the previous year.
Average profit per equity partner (PEP) fell by 18 per cent, taking the firm back to the £333,000 seen in 2006-07.
Partners on the bottom rung of Brodies’ five-year lockstep received an equity share of £200,000, while plateau partners took home £420,000.
The breakdown of turnover on practice lines changed slightly over the course of the year, with litigation nudging ahead of real estate by generating 30 per cent of turnover. Real estate accounted for 28 per cent. Last year both practices accounted for 30 per cent.
Looking ahead to the current year, Brodies managing partner Bill Drummond said conditions would remain tough but added that there should be more business activity as opportunities arise.