Pinsent Masons has posted a 36% drop in profits, with average profits per equity partner (PEP) falling to £310,000.

The drop saw the national firm’s PEP fall from £486,000 in 2007-08, with the decline coming against a slight increase in turnover. Revenues grew by 1% to £215m in 2008-09, compared with £213m the previous year.