Addleshaw Goddard, which cut 19 partners in February and 85 staff in March, saw a 30.8% plummet in partner profits in fiscal 2008; and turnover fell 11.4% to £173.3 million ($285.5 million).
Profits per equity partner nosedived from £586,000 ($958,000) to £405,000 ($663,000).
The firm is considering reduced work hours and unpaid sabbaticals. There is already a salary freeze in effect.
Addleshaw Goddard LLP is a UK law firm, with almost 750 lawyers and 1,350 staff, based in Leeds, London and Manchester. It was formed in 2003 by the merger of Addleshaw Booth & Co with Theodore Goddard.
According to The Lawyer, a UK legal newspaper, Addleshaw Goddard was ranked 15th largest law firm in the UK by turnover in 2006.