Addleshaw Goddard has reported strong growth across its global offices for the financial year to April 2024, with revenue in the Middle East surging by 28%.
The international firm saw its second highest growth in the Middle East, as it continues to concentrate its efforts on the region with strategic investments, regional expansion, and lateral hires.
Commenting on the firm’s Middle East performance, Robin Hickman, who was recently appointed head of region at Addleshaw Goddard, told Law Middle East: “We have had an exceptional year, continuing a theme in recent years of delivering double-digit income growth in the Middle East. This year’s result is a fantastic outcome, and it keeps us on track to double in size in the next five years in the Middle East—an ambitious target we have set, but one we think is achievable.”
“We are profitable in the Middle East and not just focusing on the top line, but the bottom line as well,” he continued. “There is a palpable momentum in the Middle East at the moment, and the challenge for me, and for us as a business, is to maintain that momentum, but we fully expect to exceed our target.”
Addleshaw Goddard launched in the Middle East in 2012, and has since grown to over 100 lawyers across four offices throughout the region, in Dubai, Doha, Muscat, and Riyadh.
Hickman pointed to a number of factors driving the firm’s progress in the Middle East.
The Riyadh office was recently established in December 2023 with four partners, Homam Khoshaim, Amar Meher, Alexander Sarac, and Ibrahim Siddiki, which Hickman said is already exceeding expectations. “We intend to invest heavily in the market moving forward in line with Saudi Arabia’s Vision 2030,” he said.
The firm has also made a number of key partner hires in Dubai in the past year.
Kellie Blyth, a data and technology specialist, joined the firm in April 2023, with Philip Dowsett joining some months later to spearhead the investment management and funds team.
In August 2023, the firm hired Sandeep Puri to lead the UAE banking and finance practice from Dubai, with Arun Visweswaran, a construction and commercial disputes specialist, joining the firm a month later.
More recently, in April 2024, the firm added fintech specialist Anna Zeitlin and the following month, it hired employment partner Rachel Hill.
“We have a huge amount of support from our board to continue to grow in the Middle East,” said Hickman. “Our global managing partner, Andrew Johnston, spent over 16 years of his career in the Middle East, and was previously the head of Middle East and Asia, so he has a strong understanding of the market as well as the opportunities.”
“We are very active on the recruitment side of things, and we are in ongoing discussions with partners at other firms,” he continued. “Our mandate is to grow in the region and bring on high quality people with strong practices who are a right fit for our collaborative environment in all locations in the Middle East.”
Looking to the future, Hickman said Riyadh will not be the firm’s last office in the Middle East, and he has plans to open in at least one other city, subject to the board’s sign-off.
Meanwhile, global revenue at the firm reached £495.6 million, up 12% from the previous year.
Overall the firm’s profits jumped by 14% to £210.5 million, with the Middle East, Germany, and Spain tipped as the firm’s main drivers for growth. Its closing cash position was £139.1 million.
In the UK, where the firm is headquartered, income grew by 11%.
Beyond the Middle East and the UK, the firm saw 24% income growth, with France, Germany, and Luxembourg all tracking ahead of plan.
The firm’s office in Dublin, Ireland, experienced the highest growth, with revenue increasing by over 30%, some two years after it launched.
The firm reported double-digit growth across its nine core sectors, with financial services, the largest sector, contributing around 30% of the firm’s total income.
Commenting on the firm’s global financial results, Johnston said in a statement: “Addleshaw Goddard’s continued momentum and strong balance sheet places us well to invest further in key markets, practice areas and sectors globally.”
“The diversified nature of our business, coupled with our international expansion and other strategic investments, particularly in innovation and technology, means we are better placed than ever to support and service clients wherever they are doing business,” he said.
A number of international law firms have released their financial results, with Ashurst and Clyde & Co also reporting double-digit revenue growth in the Middle East.
Ashurst experienced 17% growth in the Middle East for the financial year to April 2024, whilst Clyde & Co recorded a 12% increase in revenue across its offices in the Middle East.
