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Addleshaw Goddard has brought in £173.3m for 2008-09, a drop in fee income of 11 per cent from the previous financial year.
The firm also announced a drop in profit per equity partner of 31 per cent from £586,000 last year to £405,000 this year. The corporate division brought in £32m - a 23 per cent drop on last year’s income of £41.7m. Property experienced a 26 per cent fall from £55.7m in 2007-08 to £41m in 2008-09.
Contentious and commercial, which includes litigation, IP, IT and employment, brought in £56.4m - 3 per cent less than last year’s total of £57.9m. However, finance and projects - which includes banking, projects and corporate recovery - grew by 3 per cent from £40.1m last year to £41.4m this year.
Managing partner Paul Devitt said: “The last 12 months have been exceptionally challenging for many businesses and our performance has been shaped by this changed landscape.
“Although the outlook for the first half of this year remains uncertain, we take real confidence from the strength of our key client relationships, our continued investment in understanding what really matters to them and our focus on creating sustainable value for our clients. Even in a downturn, this has created some great opportunities across the business for us to work closely with clients on some fantastic work.”
The firm also announced that Adrian Collins has become the new head of property, replacing previous chief Michael Reevey who will return to client-facing work.
Reevey said: “It’s time [for me] to go do something else, we’ve been talking about it for a few months. You get stale in a job if you stay in it for too long. Adrian has a good combination of client, people and numerical skills - I think that’s what you need. He’s also based in London whereas the pressure from clients for me was from the north. At the end of the day I went into the law to be a lawyer. It’s nice to go back to that.”