Half-year figures down at Addleshaw Goddard
Addleshaw Goddard’s turnover for the first six months of 2012/13 was down 3 per cent on the same period last year at £84m.
Paul Devitt
Half-year turnover at the firm in 2011/12 was £86.6m, which was up 11 per cent on the same period in the previous year. The firm’s full-year figures for 2011/12, meanwhile, showed a 5 per cent rise in turnover, 37 per cent rise in average profit per equity partner and 30 per cent rise in net profit.
Addleshaw Goddard announced that it was cutting staff in June, but said that this was down to falling attrition rates among senior fee-earners that had created a backlog. Following a consultation, 24 staff lost their jobs (29 August 2012).
In a statement, Addleshaw Goddard managing partner Paul Devitt said of his firm’s latest figures: “We anticipated a slower start to this financial year than last, given how strongly we started last year, and certainly market and competitive pressures remain significant.
“Having said that, we’ve seen good contributions across the business, and we’ve been pleased to see some exceptional wins, higher value assignments and particularly a number of enhanced panel positions which augur very well for the future.”
Readers' comments (3)
Anonymous | 7-Dec-2012 4:55 pm
Better send the Bentley back and make some of the servants redundant.
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Anonymous | 7-Dec-2012 6:12 pm
Being Addleshaw's Managing Partner is like being George Osborne - you make semi-annual statements about being well positioned for the future while presiding over minimal or negative growth and being outperformed by peers.
Also like a Labour Chancellor in failing to invest properly during the good years. Need some Yanks to take them over.
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Anonymous | 7-Dec-2012 11:28 pm
And the big Berezovsky case has gone. Doom and gloom...
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