The firm, which has an office in Leeds, said the figure dropped from £586,000 to £405,000 in the year to April 2009.

Turnover fell by 11.4 per cent to £173.3m.

Paul Devitt, managing partner at Addleshaw Goddard, said: "The last 12 months have been exceptionally challenging for many businesses and our performance has been shaped by this changed landscape.

"Although the outlook for the first half of this year remains uncertain, we take real confidence from the strength of our key client relationships, our continued investment in understanding what really matters to them and our focus on creating sustainable value for our clients.

"Even in a downturn, this has created some great opportunities across the business for us to work closely with clients on some fantastic work."

The firm's real estate department saw its revenue slump 26 per cent, while income at its corporate division was down 23 per cent.

The only area to show growth was the firm's finance and projects department, with revenues increasing three per cent.