Trowers & Hamlins has seen a dip in profits per equity partner (PEP) of 14% over the last year on the back of a drop in revenues and net profit.

PEP for the 2012-13 year has slipped from £358,00 to £307,000 over the year, with net profit at the firm dropping 23% from £18.8m to £14.5m.

Meanwhile the firm's revenue fell by 3% from £80.8m to £78.3m globally.

The UK arm's net profit fell from £20.1m last year to £15.8m, marking a 21% drop in figures.

Those at the top end of the equity earned £412,000, down by 17% on £496,000, while those at the bottom saw salaries fall by the same percentage from £198,000 to £165,000.

Geographically, UK turnover accounted for 78% of the business.

By practice, the firm's property group brought in the lion's share of firmwide revenues, accounting for 43%. Corporate amounted to 30% of revenues and disputes accounted for 18%, while finance generated 6%. The percentages are broadly in line with figures recorded in the previous year.

During the past financial year the firm appointed a new senior partner, former private equity co-chief Jennie Gubbins (pictured), replacing Jonathan Adlington in the position after 12 years of leading the firm.

Since then the firm has opened a representative office in Kuala Lumpur. The firm last year budgeted for 5% revenue growth for 2012-13, with a longer-term strategy looking towards gaining a third of business internationally, a third from the public sector and another third from the private sector in the UK.

Internationally, the firm last year outlined plans to add to the Middle East practice, as well as look towards Africa and the Far East to build business.