Scottish bases contribute to record growth at Addleshaw Goddard

Addleshaw Goddard has reported record annual revenues and profits, as the business law firm praised contributions across its offices.

From left: John Joyce and Malcolm McPherson. Picture: Chris Watt Photography.
From left: John Joyce and Malcolm McPherson. Picture: Chris Watt Photography.

The firm, which has more than 200 staff in Scotland at bases in Edinburgh, Glasgow and Aberdeen, recorded global turnover of £275.4 million for the year 2018-19, a year-on-year rise of 14 per cent, as each of its offices grew in both income and headcount.

Total profit exceeded £100m for the first time, increasing by 16 per cent from the previous year, with profits per equity partner climbing by 12 per cent to £727,000.

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Addleshaw Goddard hailed strong growth in its Scottish division, where the firm’s corporate team completed more than 50 deals with an aggregate value in excess of £1 billion during the year.

Significant transactions included QTS, Rathbones, ICS, Ecosse Subsea, Red Rock and Eli Global.

The firm pointed to “significant” revenue and headcount growth in its banking team, which the practice claims is now the largest of its kind in Scotland.

It also recorded a rise in advisory work relating to major energy and social infrastructure projects for its Scotland division, as well as increasing wins for its technology and fintech team, which advised clients such as investment platform provider FNZ.

Three Scottish fintech companies are currently part of the firm’s AG Elevate Programme, a fast-track ten-month programme to support start-ups in the sector.

Other highlights included the launch of a transaction services team in Edinburgh to support partners, while its staff in Aberdeen relocated to larger premises to accommodate growth.

Malcolm McPherson, Addleshaw Goddard senior partner in Scotland, said: “We have continued to see strong growth for the firm in Scotland across all our divisions and sectors, which is very much aligned to the global financial and operational performance.

“The Scottish economy is resilient across a wide variety of industries and we are anticipating further growth in the year ahead, particularly in the energy, transport and technology markets – areas in which we have deep expertise.”

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UK-wide, the firm’s key sectors of energy and utilities, financial services, health and life sciences, retail and consumer, and transport, contributed 60 per cent of revenue.

The practice said it achieved its five-year targets with one year to spare.

Managing partner John Joyce stated: “Organic revenue growth of 14 per cent combined with a 37 per cent profit margin and our second consecutive year of double-digit growth shows the resilience, strength and ambition across our business with all divisions, every office and every jurisdiction outperforming plans.”