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Fee income at Addleshaw Goddard has remained static over 2012/13 with the firm posting a revenue drop of two per cent from £170m to £167m.
Average profit per equity partner (PEP) increased marginally by 2.5 per cent from £446,000 to £457,000 while profit margin was at 27 per cent compared with 26.5 per cent a year ago.
Managing partner Paul Devitt commented: “Of course, we would have liked to have seen income growth for the year alongside the improved PEP and margin and so, in that sense, we’re disappointed. Nevertheless, after a slow first half to the year, it was good to see some growth in the second half.
He added that the firm had made progress in areas they had identified as priorities including expansion outside of the UK.
The firm opened its first international office in Singapore in May 2012, followed by Dubai in September 2012, Oman in association with Nasser al Habsi in March 2013, was granted a preliminary license to practice in Hong Kong in May 2013 and announced a new Qatar office last Sunday.
At the 2011/12 year-end, revenue increased by five per cent from £161.9m to £170m. Profit for 2011/12 was up 30 per cent, from £34.4m to £44.9m, while average profit per equity partner (PEP) rose 37 per cent over the same period, from £328,000 to £450,000 (21 June 2012).
The figures came as the firm announced the launch of a new office in Qatar, its fifth international office opening in just over a year (28 May 2013).