City firm Field Fisher Waterhouse today reported an 8% increase in revenues, but predicted that profits would be down on last year.

The firm’s turnover increased from £88m in 2007/08 to £95m for the year ended 30 April 2009. The firm did not release a figure for profits per equity partner (PEP) but said it ‘does not expect the same kind of profit levels achieved last year’, when PEP rose 27% to £750,000.

The firm said real estate had felt the impact of the downturn most, but dispute resolution enjoyed ‘record levels of business’ in recent months. It said that its Brussels office had weathered the recession best.

Managing partner Moira Gilmour said: ‘Last year we posted record growth and profit levels, beating the targets we set ourselves back in 2004 by a substantial margin. This year the firm has, of course, been affected by the economic situation and in particular the impact that this had on the real estate market. I am pleased that in this challenging market we have been able to maintain steady growth, bolstered by litigation and regulatory work and the excellent performance of our Brussels office. We have had to make some difficult decisions this year but I am confident that prudent financial planning and the diversity of our practice areas means we are in a good position to weather the storm and are well placed for when the economy improves.’