Freshfields Bruckhaus Deringer has finalised its end-of-year financials, posting a 4% drop in average partner profits and a 2% fall in turnover.

The magic circle firm saw average equity partner profits fall to £675,000 from last year’s figure of £700,000 while turnover fell from £800m to £785m. Freshfields saw its highest ever partner profits in 2001, when the average reached £750,000.