The U.K.’s top law firms have suffered a dramatic fall in profitability and a shrinking market in what has been confirmed as the worst trading conditions for the profession since the early 1990s.

Legal Week‘s 2008-09 results, the first comprehensive picture of the performance of the U.K.’s top 50 law firms, shows that profits per equity partner across the group on average fell by 17.3 percent.

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