Field Fisher Waterhouse has become the latest firm to announce its financial results, with turnover growing by 8% but the firm predicting a slump in profits per equity partner (PEP).

The UK top 40 firm saw revenues rise to £95m during the 2008-09 financial year, up from £88m the previous year. The firm has yet to finalise its PEP figure, but confirmed that it does not expect profits to reach last year's high of £750,000.

Last year Field Fisher reported a 29.4% increase in revenues, along with a 27.3% rise in PEP.

Explaining the results, the firm said that its real estate department had taken a hit during the year, while dispute resolution was cited as the strongest performer. The firm also saw growth in its intellectual property and technology, EU and competition and employment and pensions teams.

Geographically, the firm's Brussels' office was less affected by the downturn than the UK.

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."

Field Fisher has made a number of cost-saving moves over the last year, including job cuts. It shed 31 support roles in January and five fee earners and six members of support staff last August. A third redundancy consultation saw seven fee earners laid off in March.

Field Fisher Waterhouse on the Legal Week Wiki