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Bristol headquartered Osborne Clarke has seen significant falls in both turnover and profitability during the last financial year.
The firm’s 2008-09 results show that turnover dropped 12 per cent from £95.3m to £84m, while average profit per equity partner (PEP) plunged 36 per cent to £352,000.
Managing partner Simon Beswick (pictured) put the fall down to adverse market conditions, adding: “As a strong mid-market transactions business, our results this year obviously reflect the wider downturn in the market, particularly when compared to the strong deals market in 2007-08.”
The corporate, banking and real estate practices were particularly hard hit.
However, the firm’s litigation practice was up on last year and the employment, pensions and incentives group grew by seven per cent.
In Europe, the German office saw turnover rise to €17m (£14.58m) and now makes up 17 per cent of the firm’s total revenues.
Osborne Clarke has offices in London, Bristol and Thames Valley, as well as in Munich, Cologne and in Palo Alto, California.