Clyde & Co is the latest law firm to post a slump in profits and PEP for the last financial year, as muted results continue to roll in.

The firm announced on Tuesday that profit at the firm fell 5% to £143 million during the year to April, "due to increased investment."

Average profit per equity partner was down 4% to £665,000 compared with £690,000 in the prior year. The firm's revenue nudged up 3% to hit £627 million.

Clyde's senior partner Peter Hirst said in a statement: "We are pleased to have posted solid revenue growth. This was a year in which the firm's new leadership team focused primarily on consolidation, investment and integration after many years of rapid growth and acquisition.

"Even before COVID-19, we had been operating in an increasingly competitive market for legal services and faced significant economic and political headwinds, which is why our ability to post sustained levels of organic growth is especially pleasing and demonstrates the trust our clients continue to place in us around the world."

According to the firm, 53% of the year's revenue was generated outside of the U.K.

North America accounted for 22% of the firm's revenue, the Middle East and Africa 13% and Asia-Pacific 12%. Europe and Latin America account for 4% and 2% of revenues respectively.

The firm added that in June it launched its first European Board to lead and develop its fast growing continental European practice.