DLA Piper has cited the economic meltdown in the Middle East as the main reason behind its poor financials last year.

 The firm saw its profits per equity partner for the 2009/2010 financial year slide to £527,000 (US$801,514) from £645,000 (US$980,980) in the previous year- which represents an 18 percent drop.

 The firm’s turnover last year was also down. DLA Piper generated £581m (US$883.7m) in fees which is a one percent drop on its 2008-09 performance.

"PEP suffered as a direct result of the market conditions in the Middle East which resulted in a substantial underperformance by our business in the region,” said Nigel Knowles, the firm’s joint chief executive.

"We have restructured that business, the hit has been taken and we have made a strong start to the 2010-11 year."

DLA Piper was one of the worst hit firms in the Gulf during the financial crisis. It was the only international law firm to undertake three redundancy consultations in the Middle East (laying off 30 staff and 15 lawyers), in addition to losing a number of high-profile partners to rival firms (Olivier Agha to Agha & Shamshi, Alex Saleh to Al Tamimi, and Peter Hodgens to Clydes) and also saw an alliance with local Saudi firm Abdulaziz A Al-Bosaily crumble after only six short months.

 The only bright spot last financial year for the firm, it seems, were its Asian financials. According to Knowles, the firm saw a 21 percent improvement on its revenues taking in £56.5m (US$86m).