Addleshaws’ shock decision to cull its partnership by nearly 10% will have a traumatic effect on a firm whose only recent experience has been that of growth. Since the merger that created the firm five years ago – between Leeds’ Booth & Co and Manchester royalty Addleshaw Sons & Latham – the firm has doubled in size.
So why the sudden, dramatic u-turn, especially as the firm’s year end figures reveal an 18% increase in fee income accompanied by a healthy jump in average partner profits from £238,000 to £275,000?
