International firm Addleshaw Goddard’s pre-tax profits climbed by 33% last year off the back of a 12% increase in turnover in spite of the ‘material challenges and huge uncertainty’ caused by the pandemic.
Pre-tax profits for the year to 30 April 2021 were £135.6m, according to Addleshaw Goddard’s financial statements – which now include the firm’s second office in continental Europe, after its Paris office opened last year.
‘Both the expansion in Europe and the continued investments outside of the UK (most notably in the GCC [Middle East] and Asia) serve to broaden further the support that the firm can provide to its clients,’ the annual report states.
Turnover was also up, from £285.3m to £320.5m, which the firm said was ‘driven by strong performances across a number of core practices and jurisdictions’.
Addleshaw Goddard’s highest-paid partner took home £1.61m last year, 47% up on the previous year. The total average number of partners was also up from 233 to 244.
The firm paid its key management personnel – stated to be its managing partner, divisional managing partners and the directors of Addleshaw Goddard Services Limited – a total of £7.64m, up by 24% from £6.14m in 2020.
Addleshaw Goddard said it continues to invest in both its domestic and international practices, as well as in ‘alternative legal services’ including legal tech, legal project management and consulting.
The firm also bolstered its cash position with cash and cash equivalents at the end of the financial year increasing by 29% to £107.8m, as several other leading firms have done in the past year.
Addleshaw Goodard’s cash balances and an available unutilised £60m facility ‘allow more than sufficient headroom even when the business model is stress tested’, the firm added.
No comments yet