National firm Eversheds today became the second leading law firm to post financial results for 2008/09, reporting a 27% fall in average profits per equity partner (PEP) to £404,000. City firm CMS Cameron McKenna, the other firm to release results so far, also reported a fall in PEP.

Revenues at Eversheds fell by 6%, from £390m in 2007/08 to £366m for the year ending 30 April 2009. The firm did not release a profit figure for 2008/09.

Eversheds chief executive Bryan Hughes said that this year’s results represented a ‘satisfactory outcome in the face of very trying market conditions.’

He added: ‘Many of our clients have suffered tremendously from the effects of the credit crunch and we have shared their pain. We were one of the first law firms to act by way of response to the decline in commercial activity and undertook a significant restructuring programme, which saw 16% of our workforce leave the business and the closure of our Norwich office.

‘Despite the continuing economic turmoil in the market, we have continued to invest for the future, making significant system improvements, moved into our new City headquarters in Wood Street, London, and opened offices in Hong Kong, Singapore and Scotland.

‘The business is in a robust condition and we are starting to see increased client opportunities on the back of our commitment to deliver value and client service excellence.’