Addleshaw Goddard‘s highest paid partner took home £1.1m in 2015/16, up from £936,000, its recently filed LLPs reveal. The accounts show turnover at £195.1m, an increase of 4%.
While the accounts also showed a third consecutive year of growth, with fees up from £186.9m, this figure was lower than the £202m reported by the firm in 2016, as not all of the firm’s business is covered in the LLP accounts.
An Addleshaws spokesperson said: ‘The difference between press release reported income of £202m is due to the impact of associated entities that for accounting purposes sit outside of the group and so are not consolidated with UK numbers.’
As Legal Business reported in 2016, the Berevosky settlement, a case relating to previous years and worth about £5m-10m, was also included in the firm’s 2015/16 figures.
Addleshaws closed the year in its strongest ever cash position at £25.7m, which the firm said was an increase of over £20m achieved through income and profit growth, better financial management and the firm entering into a revolving credit facility on 12 May 2015.
The spokesperson added: ‘The EU referendum and other macro-economic issues created a period of uncertainty which was particularly reflected in confidence and transactional activity at the start of the new financial year. Despite this uncertainty, a lot of the measures taken over the last two years leave the firm not only in an incredibly strong position but also very well positioned with an improved platform, client portfolio and sector focus.’
The average number of partners increased by six to 166 while average number of employees during the year excluding partners was 1,159, an increase of 140, or 14%
The firm recently re-elected managing partner John Joyce (pictured) for another four years, a term which he will begin in May. The LB100 firm is also in merger talks with US firm Hunton & Williams, which are said to be going from strength to strength, despite previous speculation that the discussions had been called off.