Clifford Chance (CC) has seen its average partner profits drop below £600,000, posting a 12.5% drop to £558,000 with turnover falling from £972m in 2003 to £950m.

The firm cited a slow corporate market in the first half of the year, the impact of the SARS virus in Asia last year, the weak dollar denting its US practice and its office move costs as contributory factors.