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Pinsent Masons is looking into the potential of asking partners to put more cash into the business in a bid to boost its coffers.
The firm has confirmed that a decision will be made in the autumn as to whether a cash call will be needed or not, but was unable to establish the value of any capital injection.
The national firm saw PEP fall by 38 per cent from £500,000 in 2007-08 to £310,000 for 2008-09, while its profit margin fell from 25 per cent to 17 per cent. Turnover increased by one per cent to hit £215m over the same period.