Addleshaw Goddard has posted a 12% hike in revenue for the 2014-15 financial year, with the rebound taking fee income close to its 2007-08 high. 

The double-digit rise takes the firm's revenue to £192.5m, up from £171.4m – only marginally lower than its pre-crisis revenue high of £195.4m.

Profit figures have yet to be finalised but the firm anticipates a larger percentage increase in profit per equity partner (PEP). 

Speaking to Legal Week, managing partner John Joyce (pictured) said favourable market conditions, principally an uptick in transactional activity, helped Addleshaws' corporate, commercial and litigation teams see the largest amount of growth within the firm.

"Fundamentally we had a great firm to start with, but we were held back by ourselves in many ways," Joyce said.

Addleshaws reported an 11% increase in H1 revenue in November but cautioned that there might be a slowdown in the latter part of the year; however this did not happen. 

"By the time we had reached the election we had a new strategy that everyone was behind," added Joyce. "It's the first year in the right direction, but we know we're not done yet."

Addleshaws did not disclose a revenue breakdown for each jurisdiction, but Joyce said its Asian offering grew "very quickly".

As a result of the income growth the firm has also managed to eliminate the £17.5m in net debt reported last financial year, returning to a cash position for the first time in six years.

It has also been able to increase its ring-fenced bonus pool for non-partners by a factor of three to four based on financial performance, according to Joyce.

Addleshaws drew up a new five-year strategy in December, which was principally targeted at tougher oversight of partner performance and increasing remuneration for top earners to £1m to reassert the firm's position in the top 20.

The new partner performance measures are now in place, with individual reviews currently ongoing.

"We are more structured, more focused and more directed than we were before," said Joyce. "It's not just a chat at the end of the year with everyone anymore."

The new performance assessments gauge partners on measures ranging from fee income generated to cross-selling between practices.

"We have taken a lot of action in our own partnership to make room for the talented people within it," Joyce continued. "You have to make sure you are not holding back that raft of talented individuals."

As part of the new strategy, individual practice groups and sector lines have been asked to draw up one and three-year plans. Around 90% of these have now been received according to Joyce, with meetings with practice and sector heads scheduled over the coming months.

Joyce added that the results and reduction in debt have been achieved without the need for a capital call or withholding payments from partners.

A number of firms have so far posted positive results this year, with Osborne Clarke and Weightmans both announcing double-digit increases in revenue while Berwin Leighton Paisner saw fee income climb by around 6% against a 22% jump in PEP.