Addleshaw Goddard has emerged as the only top 10 national or regional law firm to see a decline in both revenue and profits in 2010-11 – a year when the group mirrored the marginal increases in profits and turnover seen across the top 50 as a whole.
Addleshaws saw profits per equity partner (PEP) fall by 23%, against a 3.3% drop in turnover. In contrast, average revenues across the 10 largest national firms increased by 4.9%, with PEP increasing by 2% on average, to £407,100 – more than £100,000 lower than the average PEP across the top 50 as a whole.
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