Profit: Addleshaws, Osborne Clarke and Cobbetts on the up
Addleshaw Goddard, Osborne Clarke and Cobbetts this week added to the good financial news for regional and national law firms, posting double-digit increases in turnover and/or profits.
After Wragge & Co, Halliwells and Freeth Cartwright all unveiled impressive figures last week (see [2005] Gazette, 12 May, 6), Addleshaws announced that fee income had risen 12% to more than £139 million, with profits per equity partner (PEP) up more than 25% to a record £404,000.
Managing partner Mark Jones said: 'We've worked hard to differentiate ourselves in a particularly competitive market through the value we can add to our clients' businesses.'
A 27% hike saw average PEP at Bristol-based Osborne Clarke jump to £360,000, and more than £400,000 for top equity partners for the first time. Revenue is projected at £67 million, a rise of 8%.
Managing partner Simon Beswick said: 'Another year of significantly improved profitability proves that our strategy of focusing on quality work coupled with an industry sector and client-centric approach - both in terms of client relationship management and office location - absolutely pays dividends.'
Cobbetts has broken through the £50 million mark, a 20% rise on the combined £41.8 million turnover of Cobbetts - then with offices in Manchester and Leeds - and Birmingham's Lee Crowder when they merged a year ago. It has also since absorbed two niche Leeds firms specialising in planning and social housing. It now has 135 partners, up from 80 pre-mergers.
Managing partner Michael Shaw said the income rise was 'predominantly organic growth', adding: 'I'm particularly pleased we have put in such a strong performance at a time when so much has been going on within the firm.'
PEP has fallen by 3-5% 'as a result of the frantic year of activity'. However, he said all the exceptional costs of the mergers and acquisitions, funded from within the business, have now been dealt with.
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