Revenues at top law firms have slipped over the last year, but some firms have seen a significant recovery in partner profits, early results suggest.

Of the three major firms that had reported financial results for 2009/10 as the Gazette went to press, all saw falls in revenue. However, two reported significant increases in average profit per equity partner (PEP) – although not to pre-recession levels.

Revenues at Eversheds for the year to 30 April fell 3% from £366m to £355m. However, PEP rose 28% from £404,000 to £517,000, approaching the £552,000 recorded in 2007/08. Net profits rose 20%.

Eversheds chief executive Bryan Hughes said the firm has ‘emerged from unprecedented trading conditions as a leaner, more efficient business’.

He added: ‘While we remain conservative in our outlook, we face the future with renewed confidence.’

City firm Denton Wilde Sapte reported a slight fall in turnover, from £169.8m to £167.5m. But PEP rose 20% from £300,000 in 2008/09 to £360,000 in 2009/10. In 2007/08, PEP at the firm was £470,000.

DWS chief executive Howard Morris said the firm’s lawyers had managed to increase their productivity and hit last year’s improved revenue figure despite a reduction in their number.

City firm CMS Cameron McKenna reported revenues down 11% from £240m to £214m. PEP fell 18% from £554,000 to £453,000. PEP in 2007/08 was £655,000.