Addleshaw Goddard has posted a 17% bump in revenue over its last financial year as the firm works towards its target of £1bn by 2030.
The firm’s turnover climbed from £551m to £644m, with distributable profits also up 17%, from £224m to £262m. Profit per equity partner (PEP), meanwhile, increased 10%, climbing to £1.1m after hitting £1m last year.
Partner headcount increased by 8% to 479, while total global headcount went up by 9%, to 3,216.
The results come two weeks after the firm announced its entry into the Dutch legal market with a merger with full-service corporate firm Florent which will opens as Addleshaws’ Amsterdam office tomorrow (July 1).
Addleshaws’ managing partner Andrew Johnston (pictured) set out the firm’s ambition to reach £1bn in revenue by 2030 at his first partner’s conference in November 2024 and told LB earlier this year that European expansion was a significant part of the planned growth.
Johnston also spoke of the firm’s focus on ‘rewarding out performing partners,’ and earlier this year partners approved a plan to extend the firm’s pay ceiling to close to £3m per year.
In these latest results, the firm has increased the size of the annual bonus pot available to staff by 16%, from £19m to £22m.
The results mark the firm’s ninth consecutive year of revenue and profit growth, and its sixth consecutive year of double-digit growth to turnover.
‘Every part of our business has taken a step forward with strong performances right across all of our sectors and markets,’ Johnston said in a statement, ‘Financial services and real estate made a particularly significant contribution, alongside rapid expansion in sectors such as energy & utilities, industrial & advanced manufacturing and technology.’
Addleshaws officially opened its doors in Abu Dhabi last year, after earlier launching in Poland with a takeover of Linklaters’ Warsaw office.
Johnston has maintained that a US merger is not part of his plan for Addleshaws, setting the firm apart from a spate of recent transatlantic tie-ups. However, it has not shied away from investment, moving to a new London headquarters at 41 Lothbury last year, as well as moving into new offices in Dublin and Glasgow. The moves saw the firm increase its spend on building improvements, office equipment, and refurbishments by 14% year on year, according to its LLP accounts.
