Addleshaw Goddard has pointed to strong growth across its international network as it posts a 12% increase in revenue to £495.6m against a 14% rise in total profit.

Also unveiling their results today are CMS – which boosted global revenue by 5.1% alongside a 7.2% turnover increase for its UK LLP – and DAC Beachcroft, whose 9% revenue increase fuelled record profits. Both firms also pointed to international investment.

While Addleshaws’ revenue growth was the strongest of the trio, it nevertheless marked a deceleration from last year, when turnover grew by 18% with total profit rising at the same rate.

Its growth spurt comes as it executes a strategy of rapid expansion in Europe, Addleshaws having stood out for many years for its strategy of not branching out into other European jurisdictions.

“These results show us continuing our positive trajectory with higher revenues, improved profitability and strong cash position,” said Andrew Johnston, who took over from John Joyce as managing partner in May. “We saw growing client demand across a number of service lines, particularly in areas we have been investing in such as funds, restructuring, global investigations and financial services. Our teams across the UK and Ireland, EMEA and Asia worked incredibly hard to deliver another strong year.”

UK turnover grew by 11%, the same rate as in 22/23, while there was a 28% increase in revenue in the Middle East (measured in US dollars), where the firm last year opened its fourth regional office in Riyadh, hiring a trio of partners from firms including Latham & Watkins.

Elsewhere, the firm recorded 24% income growth outside the Middle East and UK, with its on-the-ground European network in France, Germany and Luxembourg all “tracking ahead of plan”. Meanwhile, two years after opening in Dublin through a merger with Eugene F Collins, turnover rose by more than 30%.

At 2,700, headcount at the end of the financial year was up by 6%, fuelled by the lateral hiring of 52 partners. Further growth has already been secured this financial year with the launch of a Madrid office through the takeover of King & Wood Mallesons’ Madrid office. 

Global giant CMS, meanwhile, expressed satisfaction with its 5.1% rise in global turnover to €1.957bn for the 2023 calendar year against a 7.2% revenue growth for the year ended April for its UK LLP – whose reach extends well beyond the UK – to £734.7m. Those results compare with increases of 6% for the global network and its UK LLP last year.

CMS UK managing partner Stephen Millar pointed to “notable success through significant growth and expansion in our key markets in the UK, Asia, CEE and the Middle East” while global chair Pierre-Sébastien Thill expressed satisfaction with “another year of growth, reflecting our commitment to delivering expert advice and innovative solutions to help our clients in this ever-changing business environment”.

DAC Beachcroft said it had exceeded its financial targets with a 9% revenue increase to £326.5m against a 15% increase in profit before tax to a record £71m.

Managing partner David Pollitt highlighted a spate of international office openings to support its “fastest-growing” shipping, trade and commodities practice. Last year it opened branches in Milan, Rome and Buenos Aires, while in 2024 it launched in Peru.