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Shearman & Sterling has reported a 14.2 per cent drop in UK revenue for the 2008 financial year.
The US firm said that it's London revenues fell from $132.6m at the end of 2007 to $113.8m at the end of the 2008. Over the same period global revenue dipped by almost 5 per cent, from $921m in 2007 to $876m during the last financial year.
Average profits per equity partner (PEP) at the US firm dropped by 10 per cent from $1.85m to $1.665m.
The news comes after Paul Hastings this week unveiled its 2008 financial results, posting a slight rise in revenue and a similarly sized drop in average profit for the year (17 February).
The California-based firm's financial results contrasted sharply with those of the New York elite firm Simpson Thacher & Bartlett, which saw average profit tumble by 13.7 per cent.
Total revenue at Paul Hastings grew by 1 per cent from $980m to $986m between 1 February 2008 and 31 January 2009, the firm's fiscal year. Average profit per equity partner (PEP) dropped 1 per cent from $1.92m in 2007 to $1.9m last year.
Simpson Thacher's revenue reduced by 6 per cent from $958m in 2007 down to $904m last year, while its PEP dropped by 13.7 per cent to $2.48m from $2.82m in 2007.