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Pinsent Masons saw profits per partner plummet 36%, falling to £310,000 ($511,000).
Revenues were up 1% to £215 million ($355 million) in the last fiscal year.
The firm announced a redundancy consultation in June, and now confirms that 20 lawyers and staff will be let go. Pinsent Masons has also implemented sabbaticals and four-day weeks at 80% pay.
Pinsent Masons LLP 
is a full-service commercial law firm. The firm ranked amongst the top 15 law firms in the UK and internationally ranks in the Global 100. Pinsent Masons has UK offices in Birmingham, Bristol, Edinburgh, Glasgow, Leeds, London and Manchester, and internationally in Beijing, Brussels, Dubai, Hong Kong and Shanghai.
