Herbert Smith sees profits plunge by 22 per cent

Partner profits at London-based law firm Herbert Smith fell below £1 million in 2008 as the financial crisis caught up with the City law firms. Profits fell by 22 per cent last year, marking the start of what is expected to be a tough results season for the “Magic Circle” of leading law firms. Profits per partner were down from £1.04m to between £808,000 and £912,000.