Average profits per equity partner (PEP) at SJ Berwin halved during the last financial year, dropping from £801,000 at the end of 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 has recently moved away from its traditional European focus, expanding into Asia and the Middle East.
Earlier this year 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 (6 April 2009).
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 during the last financial year, with 50 jobs cut following a redundancy consultation in January.