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.