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Addleshaw Goddard has reported a single figure drop in turnover and a slight increase in average profit per equity partner (PEP) for the 2009-10 financial year.
The firm has seen revenue fall by three per cent from £173.1m in the 2008-09 year (29 June 2009) to £167.5m. PEP grew by five per cent from £405,000 to £426,000.
This means Addleshaws is on an equal footing with Olswang in PEP terms, with the latter yesterday reporting a PEP of £420,000, which was up 38 per cent on the previous year’s figure (2 June 2010).
Contentious and commercial was Addleshaws’ biggest billing divisions, taking fees of £62.5m over the year. that is an increase from last year’s total of £56.4m.
The firm’s other three divisions all saw income fall. Finance and projects made £37.2m compared with £41.4m a year before; real estate brought in £36.5m, down from £41m; and corporate generated £27.5m, a drop from £32m.
Managing Partner Paul Devitt said: “To have generated income which is down only a little on the previous 12 months feels okay in such a challenging year. Most encouraging of all, though, is the progress we made through the year: our performance climbed steadily, and in recent months, more strongly still across the business. And we have a fantastic client base and real depth to our capability. Those factors give us real confidence for the future.
“We invest heavily in our relationships, both in the UK and internationally. That, combined with our insight across key sectors, our competitive and intelligent pricing, and the confidence clients have in our lawyers, offers what is seen as a genuinely different proposition – one that’s proving attractive to many clients.”