Dundas & Wilson has seen profit per equity partner (PEP) fall by more than a third during 2011-12, while revenue also saw a double-digit drop after a challenging financial year for the firm.

Total turnover at the Scots firm fell to £54.5m from the total of £62m took in during 2010-11 – a 12% decrease – with PEP falling even more sharply, down 35% to £210,000 from last year’s figure of £325,000.