cc: saw 12.5% fall in profitsThe City’s top 10 firms have suffered sharp falls in average partner profits, posting their worst results since the transactional downturn started in 2001.

All of the top City firms have posted a fall in partner profits, with an average drop of 7.6%, according to Legal Week research. The bulk of the elite grouping saw turnover drop slightly, with the largest rise reported by Simmons & Simmons at just 1%.