Field Fisher Waterhouse has posted a 2.5% dip in revenues for the 2012-13 financial year, with profits per equity partner (PEP) also falling marginally after an eventful year for the firm.

The UK firm has seen turnover drop by 2.5% to £95m, down from last year's figure of £97.5m. PEP is down 2% to £402,000; however, net profit available to full equity partners has risen to £18.3m, an 8% increase on the £17m recorded in 2011-12.

The top of the equity has also risen to £615,000, growing 20% on the previous year's figure of £515,000.

The firm said its strongest performing practices were financial services and funds, privacy and information, finance, personal injury and medical negligence and technology and outsourcing.

Overseas, the firm cited its Paris office as a particularly strong performer, while also recognising the contibution of its new Palo Alto office, which launched last September.

The news comes after a year in which the firm called off merger talks with Osborne Clarke last November, while discussions over a combination with Lawrence Graham ended last June.

High-profile franchising partner Mark Abell was suspended from the partnership earlier this year after he announced his departure to Bird & Bird, where he was subsequently joined by partner duo Victoria Hobbs and Graham Payne.

Field Fisher also this year revamped its leadership structure and executive committee, with the senior partner role brought back just over a year after it was axed by the firm.

Managing partner Michael Chissick commented: "Notwithstanding the fact that we've experienced a turbulent period over the last 18 months with two sets of merger discussions, senior management changes and restructuring, the departure of three franchising partners and a challenging economic environment in the UK and Europe – I feel these are a solid set of results for a mid-market City law firm.

"Going forward, we will be deciding on our London property move shortly and continuing with our lateral recruitment drive. I am confident we are putting in place the foundations for an increase in profitability across the whole firm."

For more, see Field Fisher set for move into new Thames-side London base.