Addleshaws' managing partner John Joyce told Legal Business the increase was a result of a plan put in place two years ago to improve business focus, performance and returns – with the transactional and international teams performing especially well.

Brexit hits the top line

But wider macro-economic issues had an adverse effect on the top line, with Mr Joyce saying that the firm experienced a Brexit downturn from January. But he added that measures taken by the firm over the past few years leave it ‘not only in an incredibly strong position but also very well positioned with an improved platform, client portfolio and sector focus.'

Merger talks

Having called off merger talks with Scottish independent Maclay Murray & Spens last November, Addleshaw looked to the US this year for a transatlantic tie-up and is believed to be in talks with Virginia-based Hunton & Williams. A deal between the two firms could see the mid-tier player realise its goal of becoming a £250m-lawyer firm by 2017/18.

Source: Legal Business