National firm Shoosmiths today reported a 70% jump in average profits per equity partner (PEP), despite a 9% fall in revenues.

PEP rose to £256,000 in 2009/10, up from £150,000 in the previous 12 months, but still well down on the £372,000 recorded in 2007/08.

Revenues fell to £90m in 2009/10 from £99m. Net profits almost doubled to £11m from £5.6m.

Chief executive Claire Rowe said: ‘This improved profit represents a solid performance and a positive step in achieving our strategic objective of improved profitability. While the last year has been a challenging one in terms of economic conditions and increasingly fierce competition, it has also been a very good one for developing existing clients and for winning new ones. The firm is now in good shape to move forward as a more profitable business.’

Meanwhile, Anglo-Scottish firm Maclay Murray & Spens has also reported falling revenues and improved profits.

Turnover fell by 5.4% to £52.5m for the year ended 31 May. Average profits per equity partner rose to £265,000 from £220,000, and net profits climbed 15% to £15.2m. Profit per partner was £227,000 in 2009/10.

Chief executive Magnus Swanson said: ‘We remain cautious about the prospects of the economic recovery strengthening in the near future and will continue to manage the firm prudently, focusing on client care while controlling our overheads.’

Maclay Murray & Spens has 67 partners in offices in Aberdeen, Glasgow, Edinburgh and London.