Shoosmiths has posted a 20.5% drop in profits per equity partner (PEP) for 2011-12, with total revenues for the year coming in at just under £84m.

The firm, which recently completed a Scottish merger with Edinburgh firm Archibald Campbell & Harley, saw turnover fall 3.4% from the 2010-11 figure of £86.9m.

Shoosmiths derives 90% of its revenues from outside of London, where it has offices in regional centres including Basingstoke, Birmingham, Manchester, Milton Keynes and Nottingham.

Roughly two thirds of its revenues for 2011-12 came from the firm's property and litigation practices (30% and 34% respectively), while one fifth (20%) was derived from corporate. The finance practice brought in approximately 14% of overall fee income.

PEP, meanwhile, has dropped by 20.5% from £371,000 in 2010-11 to £295,000. Net profit dropped by 8.6%, coming in at £11.8m after last year's figure of £13.7m.

The news comes a year after the firm posted two consecutive years of surging profit figures, with average partner profits growing by 38% in 2011 and 70% in 2010.

The firm is currently conducting a redundancy consultation in which up to 93 jobs could be cut in the firm's consumer legal services arm.

The firm's volume motor personal injury team in Basingstoke will be primarily affected by the consultation, which is due to close later this month (23 July).

Separately, Irwin Mitchell – which is in the process of converting to an alternative business structure (ABS) – has posted a 6.9% increase in revenues, taking it from £171.8m in 2010-11 to £183.7m for the most recent financial year.

The firm's profits per equity partner (PEP), meanwhile, have risen from £511,000 in 2010-11 to £569,000 this year – an increase of 11.4%.

The firm, which recently appointed a new London managing partner following the retirement of chairman, senior partner and London head Michael Napier, applied for its ABS licence in January this year, with the firm known to be one of the front-runners in exploring the opportunities presented by the Legal Services Act.