Addleshaw Goddard has seen global revenues rise by four per cent in the latest financial year despite the current challenging economic environment.
The international law firm, who has an office in Edinburgh, saw revenues for the year 2019/20 rise to £288 million.
The figures were driven by double digit growth across Commercial, Competition, Infrastructure, Projects, Energy and Disputes, as well as an expansion of existing offices and investment in new regions such as Germany.
Addleshaw’s Scottish team also continued to drive growth, with the team acting on a number of high profiles deals, including the property aspects of SSE’s sale of its retail business to OVO Energy and IDC’s investment into Commsworld.
David Kirchin, head of Addleshaw Goddard’s Scotland team, said: “Working with a wider range of clients, as part of a larger international firm, has helped us grow our business in Scotland. We have continued to invest in our teams, developing new strengths in existing teams, and building new areas of focus including energy, fintech, and transport as well as financial regulation and major projects.
“In the year, we were pleased to support our clients make significant changes and developments for their businesses including acting as lead counsel to Barclays, HSBC and RBS on the multi-bank refinancing of A.G. Barr plc – one of the largest corporate refinancings to take place in Scotland in 2019.
“While the trading environment remains challenging, and we are not immune to those challenges, we face them head on from a position of strength with a continued focus on the development of our business and teams in Scotland.”
Despite the positive results, the final two months of the year were effected as a result of COVID-19. The pandemic and subsequent lockdown led to a negative effect on transactional activity.
John Joyce, Managing Partner, Addleshaw Goddard, said: “Our business responded very well to a very unpredictable period for our clients with the ongoing Brexit saga, then an election and in the second half of the year the impact of coronavirus, first in Asia and then more widely. After a strong first half we adapted quickly to the pandemic and to close-out the year in-line with plan is testament to the quality and diversification of the firm’s client base and the resilience of our people and the infrastructure built in recent years.”
Looking ahead, he said: “The only certainty this year is that it will be even more uncertain than the last but we have made a solid start and some teams remain very busy whilst others have seen their markets badly impacted and arguably have a more negative outlook. We very much retain an appetite to grow and retaining profit from last year, as we did the prior year, alongside the overall strength of our balance sheet leaves us well placed to weather uncertainty and continue to invest and recruit where the right opportunity presents itself. “
