Charles Russell has joined the ranks of firms reporting a drop in profits per equity partner (PEP) of more than 30%.

The UK top 50 firm has reported a plunge of 36%, with PEP falling to £235,000 in 2008-09, down from £368,000 the previous year. The firm initially reported a PEP figure of £419,000 for 2007-08; however, this figure reduced as a result of accounting adjustments.

The fall in PEP came against a slight dip in turnover to £69.5m, down 3.2% from the £71.8m figure the firm billed in 2007-08.

Charles Russell's litigation practice saw the highest level of turnover, with fee income of £18.9m, with the corporate practice making £17.9 in revenues. The firm's property practice saw revenues reach £7.1m.

In January the firm launched a redundancy consultation, putting 18 members of staff at risk, while also placing some staff on a four-day week. Partner promotions were also down, with just three associates made up compared with 13 in 2008.

Charles Russell managing partner James Holder said: "The reason for the drop in PEP was because overheads went up, whereas turnover didn't go up by as much – in fact turnover was slightly down – and because we had to incur significant costs associated with the move of our main office."

Other City firms reporting plunging PEP include Clifford Chance, which saw PEP drop by 37%, and Denton Wilde Sapte, which reported a dip in profits of more than 30%.