Addleshaw Goddard posts record revenues following merger

John Joyce and Malcolm McPherson

International legal firm, Addleshaw Goddard, which has three offices in Scotland, has posted record global revenues of £242 million for 2017/2018, representing a growth of 23 per cent compared to the previous year.

An £86 million profit marked the fourth consecutive year of profit growth for the legal firm representing an increase of 36 per cent compared to the previous financial year.

In Scotland, following a merger with HBJ Gateley in June 2017, turnover growth approached double-digits relative to HBJ Gateley figures. Regional success was underpinned by a number of high-value mandates completing across Scotland’s four key divisions.

Stand out work involving the Scottish practice included, acting for:

  • The shareholders of QTS Group Ltd in its £80m disposal to Renew Holdings plc
  • City Pub Group in its c£30m AIM flotation
  • Cairngorm Capital during its acquisitions of Thornbridge Sawmills, North Yorkshire Timber and Rembrand
  • Dawn Homes in its c£20m sale to Springfield Homes PLC
  • Legal and General in the forward funding of the new Government Property Unit Hub in Glasgow
  • Red Rock Power – a leading renewable energy investor
  • Activity was further bolstered by significant growth in the firm’s Scottish banking team, as well as a number of key partner appointments in the form of Lorna Finlayson, who heads up the Financial Regulation practice, and Ross McKenzie, who joined as a Data partner.

    Meanwhile, the firm noted that Jacqui Langley-White has strengthened the partner team north of the border, bringing her experience in Infrastructure Projects and Energy north of the border from the London office.

    Malcolm McPherson, senior partner for Addleshaw Goddard in Scotland, said: “The firm’s 2017 merger has far exceeded expectations, and the success of the integration underpins the revenue growth we’re seeing in the latest figures.

    “The results are testament to how well the team has transitioned into the enlarged practice – we have a highly-engaged and focused team which is fully aware, and taking advantage of, the wider firm’s extra resources, expertise and international network.

    “Overall, the legal team in Scotland has grown by 17 per cent since the merger and will continue to expand as we look to substantially strengthen our service offering - taking on new lateral hires and implementing new technology - in our Scottish offices in order to enhance the service we are able to provide to our clients across the group and building upon our sector expertise.”

    Across the firm’s international network of offices and ongoing investment in people and infrastructure, a total of 30 new partners were appointed, both laterally and internally. The implementation of Intelligent Delivery - a strategic move to improve resourcing and process through workflow management and technology has also played a key role in growing revenues.

    John Joyce, managing partner, Addleshaw Goddard said: “After another excellent year, income is now nearly 50 per cent greater than 2013, continuing the upward trajectory of the last five years in terms of higher revenues, improved profitability and stronger cash position. This has been driven most recently by our successful expansion into Scotland, ongoing investment in priority sectors and global infrastructure as well as in the further development of our Intelligent Delivery model, all of which is helping us to better support and service clients.

    “Alongside new mandates and panel positions, it is particularly pleasing to see organic growth in key areas such as Corporate and Infrastructure which we will look to build out further this year, helped by the success we have enjoyed in adding substantially to the strength in depth of our partner team in the UK and internationally. They are all key developments and confidence has never been higher.

    “The firm’s platform has never been better and with the platform we have created we retain huge ambition to build further on it.”

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