Dip in revenues at top 200 law firm after year of investment
Addleshaw Goddard has seen a slight dip in revenues after making “material investments” in its operations during the year.
Revenue for the year ended 30 April 2017, of £198m, slightly down from the record £202m it reported last year, ending a streak of postive growth for the firm, which saw a double digit increase in revenue in 2013-14.
Profit per point on an underlying basis grew by 4%, continuing the upwards trajectory seen over the last three years, it said.
The firm made 23 partner appointments across key sectors, including four in the international network.
During the year, the Leeds office of Addleshaw Goddard made a major move to Sovereign Square, and also notably advised on the sale of Go Outdoors to JD Sports in a £112m deal. It also relocated and invested in its Manchester office.
John Joyce, Addleshaw Goddard managing partner, said: “We are very pleased to have grown both our domestic and global turnover whilst improving our underlying profitability, particularly when you factor in the material investments we have made in teams and infrastructure and the effect on our transactional teams of UK trading conditions in the summer period post the referendum.”
“We continue to invest, in order to better support our clients, in our infrastructure, talent and ‘new law’ capability and this, combined with the diversified nature of our business, leaves us well placed to build on the strong pick-up during the second half of last year and the encouraging start to this year.”
During the year, AG also advised Lloyds Banking Group on the £1.9bn buyout of credit card provider MBNA from Bank of America, Dandara on the creation of the UK’s largest single ‘build to rent’ development portfolio in the Private Rental Sector (PRS) and a joint venture between Keolis UK and Amey Rail on the contract to operate and maintain Greater Manchester’s Metrolink.
