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Addleshaw Goddard is predicting an average profit per equity partner (PEP) of £400,000 after the firm posted a 13 per cent increase in turnover in the first half of the year.
During the last full financial year, Addleshaws’ PEP after exceptional merger costs was £302,000 (the PEP before exceptional costs stood at £321,000).
As first revealed on www.thelawyer.com (24 November), the firm’s turnover for the first six months of the 2004-05 financial year jumped from £59m to £66.7m. If the current increase in turnover is sustained, Addleshaws predicts turnover to increase to £140m by the end of the financial year. Last year the firm turned over £125.2m.
All of Addleshaws’ practice areas experienced a rise except for the commercial group’s fee income, which remained static at £9.5m. The star performers were corporate and finance/projects. The former group’s turnover rose from £10.8m to £12.9m, while the latter’s jumped from £9.8m to £12.1m.
Addleshaws managing partner Mark Jones said he would be “very disappointed” if the firm’s PEP failed to reach £400,000.
The number of equity partners at the firm has dropped from last year’s 108 to 101 in the current financial year.