Law firm continues to see growth in the UK and internationally
Law firm Addleshaw Goddard has reported growth in both its revenues and profits for its 2019/20 financial year.
The firm, which has a strong presence in Leeds, saw global revenue grow by 4% to £288m.
There was a small increase in total distributable profit of £102m, compared with £101m the previous year, and a small increase of one per cent in its point value distributed to partners.
Around 5% of distributable profits will be credited to an investment reserve and so will not be paid to partners, to mitigate pressure which may arise in fiscal year 20/21.
Profits per equity partner (PEP) for the year was down approximately 5% at £690,000.
During the year the firm promoted 21 new partners, 52% of whom were female. There were also 24 new partners recruited in areas as diverse as construction, energy and infrastructure, global investigations, funds finance, equity capital markets and restructuring.
Managing partner, John Joyce, said: “Our business responded very well to a very unpredictable period for our clients with the ongoing Brexit saga, then an election and in the second half of the year the impact of coronavirus, first in Asia and then more widely.
“After a strong first half we adapted quickly to the pandemic and to close-out the year in-line with plan is testament to the quality and diversification of the firm’s client base and the resilience of our people and the infrastructure built in recent years.”
Looking ahead he said: “The only certainty this year is that it will be even more uncertain than the last, but we have made a solid start and some teams remain very busy whilst others have seen their markets badly impacted and, arguably, have a more negative outlook.
“We very much retain an appetite to grow and retaining profit from last year, as we did the prior year, alongside the overall strength of our balance sheet leaves us well placed to weather uncertainty and continue to invest and recruit where the right opportunity presents itself.”
At its Leeds office, the firm announced lateral hires of Adam Hastings to the Corporate team from Squire Patton Boggs, and Shakeel Dad to the Employment and Immigration team from Walker Morris.
Over the same period, this office advised Dean Hoyle on the sale of Huddersfield Town Association Football Club and advised Xercise4Less and administrators on its acquisition by JD Sports Gyms.
Its team also advised Dutch Private Equity house Avedon on its acquisition of AVMI Group, and advised Alinda Capital Partners on its acquisition of Glide Group from Inflexion Private Equity.