Field Fisher Waterhouse has posted a 20% drop in profits per equity partner (PEP) for 2011-12, alongside a 4% increase in revenues.

The top 50 firm’s PEP has significantly dropped from the 2010-11 figure of £510,000 to £410,000 for the most recent financial year, while revenues rose 4% from last year’s figure of £94m to £97.5m.