Travers Smith has announced its preliminary financial results for the 2010-11 financial year, with average profit per equity partner (PEP) falling 8 per cent from £705,000 to £650,000.
Turnover remained flat year-on-year at £72m.
Managing partner Andrew Lilley put the decrease in PEP down to higher overheads and said the outlook was promising, but that the firm remains cautious given the economic uncertainty.
He said no practice groups had stood out from others as having had a strong year, adding: “There have been no winners and losers. We’ve had some highlights last year across the whole of the firm.”
Travers’ financial year ended on 30 June.