Bristol-headquartered Osborne Clarke has seen significant falls in both turnover and profitability during the last financial year.
The firm’s 2008-09 results show that turnover dropped by 12 per cent, from £95.3m to £84m, while average profit per equity partner plunged 36 per cent to £352,000.
Managing partner Simon Beswick put the fall down to adverse market conditions, adding: “As a strong mid-market transactions business, our results this year obviously reflect the wider downturn in the market, particularly when compared with the strong deals market in 2007-08.”
The corporate, banking and real estate practices were hit particularly hard.
However, the firm’s litigation practice was up on last year, while the employment, pensions and incentives group grew by 7 per cent.
In Europe the German office saw turnover rise to €17m (£14.58m) and now makes up 17 per cent of the firm’s total revenue.