Ashurst has posted a 14 per cent dip in first half revenue, with fee earners bringing in £136m compared with £158m in the same period last year.
The result represents one of the biggest drops among the top firms. Other double-digit fallers include CMS Cameron McKenna, which posted a 13 per cent decline, and Simmons & Simmons, which saw a fall of 16 per cent.
The first six months of 2008-09 saw Ashurst register a 7.5 per cent rise in revenue fees against the previous year.
Managing partner Simon Bromwich said: “”Our half-year revenue result reflects the tough markets we have seen over the last twelve months and a relatively strong first half last year. Conditions are still challenging but activity levels have picked up and we feel confident about the second half of this year and beyond.”