News In Focus
HBJ merger helps boost Addleshaw Goddard figures
International legal firm Addleshaw Goddard has reported record revenues for its latest financial year, following its merger with Scottish practice HBJ Gateley.
The deal completed in June 2017, and Addleshaw's 2017-18 turnover jumped 23% to £242m, with growth in Scotland having "approached double figures... underpinned by a number of high-value mandates completing across Scotland’s four key divisions". Profits were up 36% to £86m.
The firm stated that business in Scotland 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. Additionally, Jacqui Langley-White has strengthened the partner team in Scotland, bringing her experience in infrastructure projects and energy north of the border from the London office".
Internationally, 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 – also played a key role in growing revenues.
Malcolm McPherson, senior partner for Addleshaw Goddard in Scotland, commented:
"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% 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."
Addleshaw Goddard managing partner John Joyce said that income was now nearly 50% greater than 2013, "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".
He added: "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".