Kennedys saw a 14% reduction in the average number full equity partners from 64 to 56 in the year ended 30 April 2015 as  both profit and turnover fell.

In accounts filed at Companies House, the firm revealed that its average total number of partners also fell to 161, down from 173, as partial equity partner number fell to 105 from 109.

Turnover also dipped slightly to £122m, down from £123.2m.

In tandem with the shrinking of the partnership and the fall in turnover the firm saw a 7% drop in operating profit to £33.097m, down from £35.648m. However, due to changes in finance costs, tax costs and a decrease in the amount paid to partners before the distribution of profit, the profit available for distribution among members increased from £18.261m in 2014 to £19.139m in 2015.

Kennedys' highest paid partner's share of the profit increased to £554,812m, compared to £485,961 in the year before.

Writing in the accounts senior partner Nick Thomas said that the partners were "satisfied" with the firm's performance and that they had "ensured financial stability".

Average staff numbers across the year increased to 1,042 from 981, correspondingly staff costs in 2014-15 were £54.2m, a slight increase on 2013-14's staff costs of £53.4m.

The accounts also showed that Kennedy's debt position improved with net debt falling to £16.9m  from £18.2m.

Meanwhile, rival insurance firm Ince & Co International LLP – the firm's ultimate parent company – reported a largely negative set of results.

The firm reported an 8.2% fall in turnover to £79.9m in 2014-15, down from £86.4m in 2013-14 and operating profit fell 16% to £22.4m in 2014-15 from £26.7m the year before.

The firm ended the financial year with £7.4m in net funds, down from £12.9m the previous year.

Its accounts also showed that the average number of staff fell to 488 from 534, with fee earners dropping to 229 from 257 and support staff numbers falling to 277 from 259.

The average number of partners at the firm also fell to 92 down from 100 a year before.

Average profit per member fell 8% to £238,000, down from £295,000 and the firm's highest paid partner took a 6% pay cut, taking home £518,000 compared to £552,000 a year before.

Writing in the accounts international senior partner Jan Heuvels said: "The business and our clients continue to trade in difficult economic conditions."