Salans has announced a static financial year, with turnover remaining at £84m and average profits per partner dipping under the £401,000 mark of 2001 to £397,000
Joint managing partner for London Philip Enoch said: "We're very pleased to maintain 2001 revenue and profit levels in 2002, when we were faced with worsening economic conditions, as we've seen with other firms."
However, both revenues per partner and per lawyer were up because of a slight dip in lawyer numbers. The average number of partners dropped by just two to 100 - although that figure is now back up to 112, and the firm expects to increase that to around 120 in the coming months.
The average number of lawyers dropped from 360 to 334, with the firm making a number of redundancies below partner level. However, in the last quarter, the number of lawyers globally has once again risen to 360. Most recently, the firm has taken on a new corporate partner Arun Singh, former head of commercial at KLegal.
The London corporate department has had a strong year, with the hires of Steptoe & Johnson corporate partners Tony Wollenberg and Jona-than Polin. Enoch said recruiting in this area would continue in the coming months.
Last week, the firm also boosted its long-established CIS and Eastern European practice with the appointment of Squire Sanders & Dempsey partner Randy Bregman in the New York office. At the same time, the firm has appointed its first ever global chief operating officer Neil Woodcock from PricewaterhouseCoopers. He will be based in the London office.
Like all firms, Salans felt the effect of greatly increased professional indemnity costs. The firm also opened a new office in Atyrau in May, in which it currently has two lawyers.