Addleshaw Goddard re-elects managing partner John Joyce ahead of Scottish merger
Joyce re-elected for four-year term as Addleshaw Goddard managing partner
January 23, 2017 at 11:00 AM
2 minute read
Addleshaw Goddard has re-elected managing partner John Joyce [pictured] for a four-year term, following an uncontested election.
Joyce was first appointed as managing partner in May 2014, after winning an election against former real estate head Adrian Collins.
His next term will start on 1 May, shortly before Addleshaws' agreed merger with Scotland's HBJ Gateley is due to go live on 1 June.
Joyce said: "Three years ago we set out a plan to improve business focus, performance and returns. Despite the challenging economic and market conditions, we have made substantial progress in developing and improving our business across numerous fronts, most recently through the combination with HBJ – just one aspect of our strategic ambitions – and we remain committed to further expansion internationally and in the UK."
Joyce's regime has been characterised by an increased focus on financial discipline and a search for growth via mergers. The firm's results for 2015-16 saw revenue grow to £201.8m, up from £192.4m the previous year, with its average profit per equity partner also climbing by 9% to £682,000, up from £491,000 the preceding year.
The deal with HBJ will boost Addleshaws' revenue by more than £20m and give the firm new offices in Edinburgh, Glasgow and Aberdeen.
Addleshaws previously had an unsuccessful round of merger talks with Scottish firm Maclay Murray & Spens, which broke down in early 2016. The firm is currently in talks with US firm Hunton & Williams and German firm Luther.
Under Joyce, Addleshaws has also revamped its partnership deed, making changes including increasing the managing partner term from three years to four. The changes also introduced limits to the number of equity and fixed-share partners able to leave in any one year.
Looking forward, Joyce said: "A lot of the measures we have taken in recent years leave the firm not only in an incredibly strong position but also very well positioned with an improved platform, client portfolio and sector focus. We have much we still want to achieve and our continuing progress positions us very well for further strong growth. I am confident that we can do that and I'm optimistic and excited about our future."
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