LLP accounts show top earner’s pay cut as Addleshaw Goddard claims growth
Addleshaw Goddard claims underlying international and domestic growth, even as LLP accounts reveal the firm’s top earner receiving a 30% pay cut.
According to the LLP accounts to 30 April 2017, the firm’s turnover decreased by 4%, down to £188.2m. Operating profit fell 14% to £64m. Most notably, however, the firm’s highest-paid partner earned £776,160, compared to last year’s £1.21m.
Nonetheless, Addleshaws’ spokesperson stated that the firm’s income actually grew 2%, due to “an element of uplift due to non-recurring success fee income” in last year’s figure.
Commenting on the LLP accounts, the firm’s managing partner John Joyce stated: “We are very pleased to have grown both our domestic and global turnover while improving our underlying profitability, particularly when you factor in the material investments we have made in teams and infrastructure and the effect on our transactional teams of UK trading conditions in the summer period post the referendum.”