Average profit per equity partner (PEP) at SJ Berwin has almost halved during the past financial year, dropping from £801,000 in 2007-08 to £410,000.
Turnover at the firm decreased by 14 per cent over the course of the year, down from £215m to £184m.
SJ Berwin managing partner Jonathan Blake said: “The firm’s been exposed dramatically to the downturn, having had a focus on M&A, private equity and real estate.
“We still have faith in these practice areas and believe workflows will return.”
SJ Berwin recently moved away from its traditional European focus, expanding into Asia and the Middle East.
Earlier this year (6 April) The Lawyer reported that SJ Berwin planned to launch in Dubai, relocating London-based litigation partner Tim Taylor and Paris-based Benjamin Aller to the new office.
News of the Dubai launch came just weeks after the firm launched in Hong Kong, with consultant Daniel Liew taking up the post of Asia managing partner.
SJ Berwin also made staff cuts in the last financial year, with 50 jobs slashed following a redundancy consultation in January.