National firm Shoosmiths today reported profits down by more than half, with a slight reduction in turnover.

Profits at the firm tumbled to £5.6m in 2008/09, down 54% on 2007/08. Profits per equity partner dropped from £318,000 to £150,000 over the same period. Turnover fell 4% from £103m in 2007/08 to £99m for the 2008/09 financial year.

Chairman Andrew Tubbs said: ‘Our profit was hit hard because we chose to put people before profit. We delayed our restructuring programme for as long as possible last year, which means that the impact of these savings will start to take effect halfway through this financial year.’

The firm reported income falls in its corporate and property departments, blamed on a falling number of deals and investment projects being shelved. However, it reported growth in lender services, employment, litigation, debt recovery and insolvency.

‘Our priority for 2009/10 is to ensure that we are in the best possible shape for the future upturn in the market by continuing to look for more efficiencies and cost savings within the firm and to monitor capacity within our teams,’ said Tubbs. ‘We are focusing our efforts on client relationships because we recognise that they will light our way out of this recession.’