SNR Denton's UK arm has seen revenue dip by close to 9% in the first six months of the 2010-11 financial year.

The newly-merged firm would not give its exact fee income for the period but confirmed that revenue for the UK limited liability partnership (LLP) dropped by close to 9% on the same period the previous year, when revenue stood at £87.7m.

The figure is the first financial indication since legacy UK firm Denton Wilde Sapte merged with Chicago-based Sonnenschein Nath & Rosenthal on 30 September in a much-publicised transatlantic merger.

The number refers only to the UK LLP of SNR Denton, which operates on a financial year ending 30 April, as opposed to the US business which operates on a calendar-year basis.

SNR Denton's London-based co-chairman, Martin Kitchen, said the decline came as a result of a slowdown in new financings and fewer largescale insolvencies than expected.

He said: "It is fair to say that the first part of the financial year was slow. Domestically in the UK new money lending was slow. We also have a large insolvency practice which did not see as many restructurings as expected and, in addition, we saw rate pressure in the market. However, we are pretty optimistic that we will see a stronger second half."

Dentons recorded stable revenues for the 2009-10 financial year, finishing with turnover down 1% to £167.5m. Average profits per equity partner rose by 20% from £300,000 to £360,000 during the financial year.