Osborne Clarke has seen revenues drop by 12% for the 2008-09 financial year while profits per equity partner (PEP) have plunged by 36%.

Revenue for the last financial year stood at £84m down from £95m the previous year. PEP now stands at £352,000 compared with £554,000 in 2007-08. Taking the drop into account it means that the 23 partners at the top of the equity will earn £450,000, while those at the bottom will make £230Save and Publish,000.