Addleshaw Goddard turned to partners for £15.6m cash call
LAW firm Addleshaw Goddard asked partners to inject more than £15m into its business last year, according to financial accounts recently submitted by the firm.
The limited liability partnership (LLP) accounts, which were filed on Companies House, show that partners introduced £15.6m in fresh capital during the period ending 30 April 2010. Partners are required to provide extra cash where it’s needed under the firm’s agreement.
Information also contained within the accounts shows that Addleshaws took out a £20m loan from the bank.
The firm said some of the extra cash was to pay for new City premises, which it took over in August 2009.
During 2009/10, Addleshaws saw fee income fall 3.3 per cent to £167.5m.