Law firm sees profits fall

LAW firm Addleshaw Goddard has reported a 31% plunge in profit per equity partner, to £405,000.

Turnover at the national firm, which has offices in Manchester and Leeds as well as London fell 11%, to £174m.

Paul Devitt, managing partner, told The Lawyer that the results were shaped by the “exceptionally challenging” environment, adding that “the outlook for the first half of this year remains uncertain”.

Mirroring the lack of major corporate deals and the torpor surrounding commercial property, AG’s corporate deparment saw revenues sump 23%, while real estate was even more badly affected, with income down 26%.

The firm’s finance and projects department was the only unit to show growth, with revenues up 3%.