Legal Business Blogs

Addleshaw stands out from subdued market with 18% revenue and profit rise

Addleshaw Goddard has repeated last year’s outstanding performance in another set of promising financial results today (3 August), reporting a 18% increase in revenue growth from £377m to £443m, matched by an 18% rise in total profit from £155m to £184m.

PEP is estimated to be £909,000 by Legal Business, an increase of 5%.

The firm lists the Middle East as its fastest growing region, with a striking 43% spike in income growth in FY22/23, as well as UK income increasing by 14%. The firm also attributes 20% of its overall income growth to its practices outside the UK and the Middle East.

Furthermore, Addleshaw’s closing cash position has gone up by £10m since last year to £146m.

In terms of practice areas, the financial results show that Addleshaw’s financial services outfit is the firm’s highest-performing sector, contributing 30% of the firm’s overall income.

The firm’s international partner headcount has grown by 11% to 356 individuals, equating to an addition of 52 new partners, 32 of which were lateral hires and 20 of which were internally promoted.

Some of the firm’s standout mandates from the last fiscal year include advising: ASDA on its £2.3bn buyout of EG Group’s UK and Ireland businesses; BP Oman on a $1bn green hydrogen and ammonia project; COFCO international on its $1.6bn sustainability loan; and DP world on its $2.4bn investment in three UAE assets.

Managing partner John Joyce (pictured)  stated: ‘We continue to broaden our capabilities to support clients wherever they might need us. The scale of our investments demonstrates our ambition to continue increasing the value we can offer to our clients, whilst creating new opportunities for everyone who works at AG.’

He added: ‘In the last two years we have added materially to our partner group with nearly 100 appointments. We are more global than ever too, now with seven offices in Europe and with Riyadh, our fourth office in the Middle East is expected to open shortly.’