Addleshaw Goddard has plenty going for it according to senior partner Monica Burch. The firm has an enviable client roster and in the last year borrowings dropped and revenues increased. On Tuesday (1 April), it won one of three formal spots on drinks giant Diageo's nation-wide panel.

And yet neither current Addleshaws partners nor former acolytes can deny that the firm has had a bit of a fraught time recently.

Last month, managing partner Paul Devitt announced he would stand down in May, a year ahead of schedule. This coincided with the firm publicly acknowledging its miscalculation of the number of points available to partners for profit share and the cost of launching in Hong Kong.

Burch confirmed profits will be down for 2013-14, which she attributes to a year of investment.

"Many partners