LAW firm Addleshaw Goddard has posted a 30.8 per cent slump in partner profits for the year to the end of April, as turnover fell 11.4 per cent to £173.3m. Profits per equity partner nosedived from £586,000 to £405,000.

In May the firm said it would cut 85 jobs to slash costs during the downturn, with redundancies expected among its Manchester team of 400.

It also began consulting staff over reduced working hours and sabbaticals and announced a salary freeze for fee earners.

Managing partner Paul Devitt said the outlook for the first half of the new financial year remained uncertain, but he took heart from the strength of the firm's key client relationships.