Linklaters, the biggest law firm in the UK by revenues, has reported falls in turnover and average profits per equity partner (PEP) as it became the second of the magic circle to unveil full-year financial results.

Turnover at the firm fell by 8.8% to £1.18bn in 2009/10, from £1.30bn in 2008/09, while PEP fell by 6.8% to £1.21m from £1.30m over the same period. Pre-tax profits decreased by 1.2% to £507m from £514m.

If fellow magic circle firms Freshfields Bruckhaus Deringer and Clifford Chance report stable or improved turnover figures this year, they will edge ahead of Linklaters in terms of revenues.

Average profit for all Linklaters partners, including salaried partners, increased by 1.9% to £1.08m.

Linklaters managing partner Simon Davies said: ‘This is a resilient performance in a challenging environment, made possible by the ongoing support of our clients and the exceptional efforts, teamwork and innovation of our people. In the year ahead we will continue to support our clients and build stronger and deeper relationships with them.’

Yesterday, Allen & Overy announced PEP rose up to £1.1m in 2009/10, from £1m in 2008/09, with turnover down 4% to £1.05bn from £1.09bn over the same period. Pre-tax profits fell slightly to £429m from £431m (see news).