Addleshaws highest paid partner takes home £1.1m in 2015/16

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Addleshaw Goddard’s LLP filings show its highest paid partner took home £1.1m in 2015/16, up 14 per cent from £963,000 in the previous year.

The accounts paint a healthy picture of the firm, with revenue up 4 per cent to £195.1m.

John Joyce Addleshaw Goddard
John Joyce

However it emerged last year the firm received a windfall of around £9m in the last financial year thanks to a success fee in the Berezovsky case, which was run by partner Mark Hastings, who has since left for Quinn Emanuel Urquhart & Sullivan.

Managing partner John Joyce, who was re-elected for a second four-year term last week, has set his sights on turnover of £125m in the next two years.

He will add around £21m to Addleshaws’ top line in the current financial year when it acquires the Scottish offices of HBJ Gateley in May.

Addleshaws ended the last financial year in a strong cash position at £25.7m, understood to be an increase of around £20m attributable to better financial management as a result of the firm entering into a revolving credit facility in May 2015.

A spokesperson for the firm said: “The EU referendum and other macro-economic issues created a period of uncertainty which was particularly reflected in confidence and transactional activity at the start of the new financial year.

“Despite this uncertainty, a lot of the measures taken over the last two years leave the firm not only in an incredibly strong position but also very well positioned with an improved platform, client portfolio and sector focus.”

The average number of partners at the firm increased by six to 166 while staff headcount grew 14 per cent to 1,159.

Addleshaws is currently in talks to increase its focus on Germany through an exclusive alliance with full-service firm Luther.

Luther has 10 offices in Germany plus five international offices in Brussels, London, Luxembourg, Singapore and Shanghai. Originally the tie-up was tipped as a full merger but it has since emerged Luther partners would reject those proposals.

Addleshaws is also still in merger talks with US firm Hunton & Williams. Discussions between the two firms had quietened down last year but are understood to have picked up again just before Christmas. A source close to the firm said Joyce had told a small number of partners he expected to pull off a deal this year.

The post Addleshaws highest paid partner takes home £1.1m in 2015/16 appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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