06:52, July 31 132 0

2017-07-31 06:52:14
Addleshaws revenue drops after record-breaking 2015/16

Addleshaw Goddard has reported a 2 per cent drop in turnover to £198m, after reaching a record £202m in the previous financial year.

The firm had seen impressive growth in the last three years, adding 18 per cent to its turnover between 2013/14 and 2015/16 from £171.4m to £202m.

But these latest figures have broken the growth trend just months after John Joyce was re-elected as managing partner for another four years in January.

The firm’s record-breaking turnover in 2015/16 is understood to include some some uplift from fees that were paid in previous years. When this is taken into account, underlying turnover growth was 2 per cent on the previous year while profit per point was up 4 per cent continuing its growth for a third year in a row.

Joyce said: “We are very pleased to have grown both our domestic and global turnover while 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.”