Scotland-headquartered firm Maclay Murray & Spens saw average profits per equity partner (PEP) fall 32 per cent over the last financial year on the back of a turnover drop of 9 per cent.
This is a turnaround fro the firm’s fortunes in 2007-08, when the firm posted a revenue rise of 12.5 per cent and PEP rise of 3 per cent.
At the end of the 2008-09 financial year the firm’s turnover stood at £55.4m, down from £61.1m the previous year, while PEP stood at £220,000, down from £325,000.
Admitting that this year’s figures are disappointing, Maclays chief executive Magnus Swanson said: “They’re not surprising given the current economic climate and they appear to be in line with most law firm results this year.
“While the recession has impacted adversely on some areas of our business, others have been very busy and the outcome overall is consistent with our expectations in what has been a challenging year.
“Earlier in the year we took significant steps to control costs and capacity and believe that we’re now well placed to meet client demands as the economic situation hopefully improves.”