Dundas & Wilson experienced a 20 per cent drop in average profit per equity partner over the past financial year, but continued to operate with a relatively high profit margin.
Equity partners on the entirely merit-based remuneration system made an average of £308,000 in 2008-09 compared with £385,000 the previous year.
The profit margin stands at 37 per cent, a slight fall from the previous year’s profit margin of 41 per cent.
The firm is one of a small number in the UK 200 to operate a full equity partnership.
Joint managing partner Alan Campbell said: “We went into the financial year well aware that the trading outcome was likely to be uncertain. We’re quite cost-aware, we manage our bottom line quite effectively and have an efficient business.”
Turnover dropped by 12 per cent, from £74.8m to £66m, with property and corporate the most important practice areas.
Dundas made 43 redundancies over the past financial year, the costs of which were absorbed during that period.