Legal firm Addleshaw Goddard has posted record global full-year revenues, boosted by growth in Scotland on the back of its 2017 acquisition of HBJ Gateley.
The business reported international revenues of £242 million for 2017-2018, a year-on-year jump of nearly a quarter, while profits grew for the fourth year in a row to reach £86m, an increase of 36 per cent from the previous year.
Addleshaw Goddard said turnover growth approached double-digits relative to HBJ Gateley figures, with the purchase of the latter completing in June 2017.
Malcolm McPherson, senior partner for Addleshaw Goddard in Scotland, said the transaction has “far exceeded expectations, and the success of the integration underpins the revenue growth we’re seeing in the latest figures”. He added: “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.”
The enlarged firm, which has offices in Edinburgh, Glasgow and Aberdeen, said its regional success was catalysed by various “high- value mandates” across its four key Scottish divisions. It acted for the likes of private equity firm Cairngorm Capital during its acquisitions of Thornbridge Sawmills, North Yorkshire Timber and Rembrand, as well as Dawn Homes in its £20m sale to Springfield Homes, and Legal & General in the forward funding of the new Government Property Unit Hub in Glasgow.
The firm also noted “significant” growth in its Scottish banking team, and 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 data partner.
Additionally, Jacqui Langley-White has strengthened the partner team in Scotland, bringing her experience in infrastructure projects and energy from the London office. McPherson added that the firm’s legal team in Scotland has grown by 17 per cent since the HBJ deal and will continue to expand as it looks to grow its service offering.
John Joyce, managing partner at Addleshaw Goddard, added that total income is now nearly 50 per cent greater than for 2013, driven in part by its move into Scotland.
The firm said in May that in 2018 to date its corporate team in Scotland had advised more than ten transactions worth in excess of £500m.