Addleshaws reaches £50m in its annual fee income results

Addleshaw Booth & Co has hit the £50m fee income barrier in its end of the financial year results, despite persistent speculation over imminent departures.

The results reveal an 18 per cent increase on its last financial year, with its main growth area, corporate fin-ance, showing a 19 per cent growth in income to £8.5m.

The corporate finance department also advised on £3bn worth of deals in 1998.

Addleshaws' other core area, banking, also boasted an upturn in its fee income to £8m.

However, a number of industry sources suggest that there are still some unresolved concerns and differences over the two-year old merger, especially within the banking department.

One source says: “There are certainly CVs flying around – people are contemplating moving around.”

But Andrew Chamberlain, staff partner and board member, states: “I am very surprised by the rumours which I do not believe to be true. This is a very happy ship.”

Other areas of fee increase include insurance litigation, which rose by 60 per cent, tax income, which rocketed up a massive 69 per cent, and commercial property, which was boosted 24 per cent to £12.2m.