International law firm Freshfields Bruckhaus Deringer saw revenues increase just one per cent for the year ending 30 April.
The London-based legal practice blamed strong currency headwinds for the results, saying today that revenues increased by four per cent on a constant currency basis.
Freshfields also reported a drop of one per cent in net income, from £578m to £574m last year. Profits per equity partner were £1.369m, down eight per cent from £1.48m the year before. The firm blamed the move on changes in the partnership structure, as well as currency movements.
Nevertheless, David Aitman, a global managing partner at the firm, remained confident, saying: “We’ve developed very strong transactional, regulatory and contentious practices over the years, which have helped deliver a very solid financial performance against strong currency headwinds.”
Freshfields is one of the five so-called Magic Circle law firms, along with Allen & Overy, Clifford Chance, Linklaters and Slaughter and May. Last week, Allen & Overy reported a seven per cent increase in profits and a four per cent jump in revenues from the previous year.