Addleshaw Goddard reels in global revenue of £242m

LAW firm Addleshaw Goddard today revealed that it had enjoyed an 'excellent' year after delivering substantial revenue and profit growth.

John Joyce of Addleshaw Goddard

Over the last financial year, Addleshaw Goddard’s lawyers provided advice in connection with a face lift to the Palace of Westminster. They also played a role in a deal that will bring thousands of civil servants to Yorkshire.

The firm, which has an office in Leeds, said the record revenue and profit was underpinned by balance sheet strength.

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In the 2017/18 financial year, Addleshaws achieved global revenue of £242m; which represents year-on-year growth of 23 per cent.

The firm said that revenue by all four operating divisions exceeded budget. Over the year, the firm unveiled the launch of its Intelligent Delivery model, which aims to improve the quality of service to clients.

John Joyce, the managing partner at Addleshaw Goddard, said: “After another excellent year, income is now nearly 50 per cent greater than 2013, continuing the upward trajectory of the last four years in terms of higher revenues, improved profitability and stronger cash position.

“This has been driven most recently by our successful expansion into Scotland, ongoing investment in priority sectors and global infrastructure as well as in the further development of our Intelligent Delivery model, all of which is helping us to better support and service clients.

Mr Joyce added: “Alongside new mandates and panel positions, it is particularly pleasing to see organic growth in key areas such as corporate and infrastructure, which we will look to build out further this year, helped by the success we have enjoyed in adding substantially to the strength in depth of our partner team in the UK and internationally.

“They are all key developments and confidence has never been higher.

“The firm’s platform has never been better and with the platform we have created we retain huge ambition to build further on it.”

During the year, the firm added 30 partners.

The Leeds office witnessed the arrival of partners Pete Wood, Richard Hunt and Andrew Fordham.

Over the last financial year, the Leeds office advised Parliament on the refurbishment of the Palace of Westminster and on its Northern Estate Programme.

The team at Addleshaw Goddard also advised the shareholders of MKM on their £200m sale to Bain Capital.

The firm’s lawyers also advised Hermes Investment Management on Leeds’ largest office pre-let: which will accommodate 6,000 civil servants.

Profit grew for the fourth year in succession to £87m which is a 36 per cent increase on 2016/17 and a 68 per cent increase since 2012/13.

The firm said its cash position remains very strong, exiting the year with reserves of more than £34m, despite an ongoing programme of investment in people and infrastructure

Addleshaw Goddard revealed that financial services remains its biggest sector, while retail and consumer, real estate and digital all recorded the biggest income growth in 2017/18. Around 80 per cent of the firm’s revenue is generated through a focus on eight core sectors : digital, energy and utilities, financial services, health, industrials, real estate, retail and consumer and transport.

Addleshaw Goddard can trace its Leeds’ roots back to the 18th century, when Booth & Co was founded. It employs around 500 people in Leeds.