Richard Crump, HFW senior partner

HFW's profit per equity partner (PEP) has fallen by double digits to its lowest level since 2007/08.

PEP at the firm now stands at £474,267, a decrease of 11% compared to last year.

In addition, the firm's profits shrank by nearly 9% to £43.3 million compared to the previous year.

Revenue at the firm remained flat at £178.9 million, compared to £179 million.

However, the figure represents a rise of more than 25% over five years.

According to a firm spokesperson, more than 70% of HFW's revenue during last year was generated by disputes work.

Speaking to Legal Week, HFW senior partner Richard Crump said the firm was optimistic that PEP would rebound next year and that the fall was "simply a fact of cost of investment".

In its financial results statement, HFW stated that the firm had "carried out significant expansion without taking on any debt, meaning all investment costs come directly out of the firm's profit".

The firm's managing partner, Jeremy Shebson, who was elected in January this year, cited the firm's recent partnership with litigation analytics startup Solomonic as one such major area of investment.

Crump said  the firm is still focused on international growth, but added that it "won't be opening offices at the same rate as the past four to five years".

"Our primary focus is to grow existing offices," he added.

According to the firm, HFW has completed 10 international office openings, mergers and associations since 2016.

During the most recent financial year, the firm opened its fourth office in the Middle East, in Abu Dhabi, and entered into an association with newly established Brazilian firm CAL.

Shebson was elected managing partner at the firm at the start of this year, while Crump was handed another three-year term at the same time.