Addleshaw Goddard saw its profits per equity partner (PEP) plunge by 30% over the last financial year, the firm announced today (29 June).

The national firm saw turnover for 2008-09 fall by just over 11% to £173.3m down from £195.4m. PEP meanwhile dropped by 30.8% falling from £586,000 in 2007-08 to £405,000 for the last financial year.

The finance and project group was the only practice to boost revenues over the year, growing fee income by 3.2% to £41.4m compared to £40.1m in 2007-08.

Real estate saw the biggest decline, with turnover dropping by 26.4% to £41m from £55.7m, while corporate revenues fell by 23.3% from £41.7m to £32m. The contentious and commercial practice also saw a slight decline with revenues dipping by 2.5% to £56.4m down from £57.9m in 2007-08.

Addleshaws managing partner Paul Devitt said: "The last 12 months have been exceptionally challenging for many businesses and our performance has been shaped by this changed landscape.

He added: "Although the outlook for the first half of this year remains uncertain, we take real confidence from the strength of our key client relationships, our continued investment in understanding what really matters to them and our focus on creating sustainable value for our clients. Even in a downturn, this has created some great opportunities across the business for us to work closely with clients on some fantastic work."

Separately, the firm also announced that property partner Adrian Collins has taken over as head of the real estate from Michael Reevey. Reevey, who held the role for seven years, will return to full time fee earning work.