Baker & McKenzie's London office has posted an 8% drop in profits available for distribution during the 2010-11 financial year, with the highest earner in the firm's City arm taking home £872,000.

The firm's UK limited liability partnership (LLP) filings show that while London revenues climbed marginally from £119.1m to £122.2m during the period, its profits available for distribution dropped from just below £45m to £41.2m.

The highest-earning partner in London took home £872,000, 15% down on the previous year when the equivalent figure stood at just over £1m.

On average, Bakers – which operates to a financial year ending on 30 June – had 80 partners in London throughout the 2010-11 financial year, compared with 78 during the previous accounting period.

The firm's London staff costs rose slightly over the period, climbing by nearly 4% to £45.9m, with the figure corresponding to a rise in overall staff numbers from 592 to 600.

The LLP accounts show that the firm spent £276,000 on redundancy costs during the financial year, down from £426,000 the previous year.

Globally, Bakers posted a single-digit increase in both annual revenue and profits for 2010-11. Gross revenue jumped 8% to a record $2.27bn (£1.4bn) and profits per equity partner (PEP) rose 7% to $1.2m (£730,000).

In the previous financial year, revenue dropped by 0.4%, while the firm's 13% increase in PEP that year was almost entirely the result of significant cost-cutting measures.