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The latest figures from Finland's leading law firms reveal contrasting fortunes for two of the country's big three firms.
Castren & Snellman's profits rose 14.3 per cent, while Hannes Snellman's profits slumped by 9.88 per cent.
Hannes managing partner Antti Heikinheimo said: "Our business continues to develop positively, although the number of mergers and acquisitions on the market has decreased for a number of years."
Despite the continued reduction in volume of M&A deals, both Castren and Hannes recorded a steady growth in turnover.
Castren posted a healthy 15.8 per cent rise in turnover to E15.4m (£9.3m), while Hannes boosted turnover by 8.3 per cent, a figure of E25.8m (£15.5m).
Finland's largest firm Roschier Holmberg has not yet finalised its figures for the financial year ending 20 June 2003. Initial estimates show a steady growth, but profits may have been hit by the firm's investment in two new offices.
Roschier has just opened an office in Turku in southwest Finland to service the biotechnology market. The firm has lured Petri Mylly-niemi, the general counsel of the biotech unit of Perkin-Elmer, back from the US to head the office. Roschier also opened an office in the Vaasa Technology Park near Helsinki four months ago.