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Field Fisher Waterhouse (FFW) has announced a 20 per cent drop in average profit per equity partner (PEP) alongside a 4 per cent increase in revenue for the 2011-12 financial year.
Fee income for the firm rose to £97.5m for the 2011-12 financial year from £94m in 2010-11, with estimated PEP falling from £510,000 to £410,000.
Managing partner Matthew Lohn said in a statement: “In the UK the firm has been affected by the squeeze on the public sector, an area that in past years has contributed significantly to revenue in some of our practice areas.
“The investment in rebalancing the business in response to this, along with investment in our German offices, is reflected in the fall in profits the firm has seen this year.”
The news comes after the firm’s merger discussions with Laurence Graham fell through before getting to the stage of a partnership vote (28 June 2012).