The average members remuneration at the firm slipped to £43,023, from £98,259 the previous year – a decline of 57 per cent.

Accounts posted at Companies House show that turnover at the firm fell by eight per cent to £4.6m.

Payroll costs at Drummond Miller rose to £2m, from £1.9m, as staff numbers increased by five to 92.

The number of legal staff rose by two to 32.

Partner Charles Ogilvie said the year had been “challenging as a result of staff movements”.

Drummond Miller has now agreed a new finance agreement with its bank.