Equity partners at top law firms will earn £110,000 less on average this year, early figures have suggested at the outset of the City’s reporting season. To date, the three major firms that have released a figure for profit per equity partner (PEP) have seen a combined average fall of 17% for the year to 30 April.

Two firms reported a combination of falling profits and higher revenues. City firm Lovells saw turnover rise by 11% to £531m. Managing partner David Harris said changes in exchange rates accounted for most of the increase. City firm CMS Cameron McKenna saw turnover rise 2% to £240m.

The other two firms to release financial results reported revenue falls. National firm Eversheds’ turnover was down by 6% to £366m and City firm Ashurst’s revenue fell by 7% to £301m. CMS Cameron McKenna reported a 14% fall in profits to £72m and a 15% fall in profit PEP to £554,000. PEP at Lovells fell by 11% to £585,000 and at Eversheds by 27% to £404,000, with neither firm releasing figures for total profits.

Ashurst has not released earnings figures but said profitability will be ‘significantly down’.