Addleshaws aims high as PEP instils confidence

Addleshaw Goddard has boosted its profit per equity partner (PEP) by 16.7 per cent, but has fallen short of managing partner Mark Jones’ ambitious £500,000 target.

PEP reached £472,000, while the firm’s fee income increased to £161.2m in the 2005-06 financial year, representing a 16 per cent increase. The turnover increase includes an FRS5 uplift of £4.1m.

Jones said: “We’ll use our strong financial platform to reinforce our reputation as one of the group of leading UK firms immediately behind the magic circle.

“I think the average PEP for a firm in that group needs to be £500,000 and that’s where we wish to be. I’d love to be there as soon as possible. We had spectacular growth in 2004-05 and very good, solid growth in 2005-06.”

The firm, which laterally recruited 17 partners last year, is expected to continue its lateral investment after revealing that it had more than doubled its cash reserves to £15.9m.