Pannone has posted a 4.4% dip in turnover and a 9.5% drop in profits per equity partner (PEP) during 2010-11, in the wake of a firm-wide reorganisation carried out over the last year.

The Manchester firm saw revenues dip to £47.5m from around £49.5m the previous year, while average PEP slipped from £229,500 to £207,600. The firm attributed the decline to significant one-off costs associated with an overhaul carried out since Emma Holt (pictured) took over as managing partner last July.