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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.
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.”