National firm Addleshaw Booth & Co has brought young blood onto its management board as part of a bid to boost profits by 50 per cent, a hike that will bring it on parity with its national rivals.
The appointment of corporate partner Tim Wheldon, 39, and employment partner Andrew Chamberlain, 35, to the eight-partner board follows a bumpy year for the firm.
The Lawyer top 50 survey in August revealed that Addleshaws' average profits per partner last year was £155,000, down 6.5 per cent on the previous year and significantly lower than its national rivals Dibb Lupton Alsop at £238,000 and Hammond Suddards at £327,000.
The firm has been hit by high-profile departures in the last six months, including head of corporate Andrew Needham, who left to set up an IT company, and head of construction Huw Baker, who left to join Masons' Manchester office.
Addleshaws bounced back by taking seven partners from disintegrating Manchester firm Slater Heelis, including highly-rated senior partner Egan Brooks, and fee income was up by 19 per cent in the first six months of this financial year. And in September it announced that it will open a London office.
Managing partner Mark Jones said he was aiming for a 50 per cent growth in fee income and 50 per cent rise in profits per equity partner.