Addleshaw Goddard signs 15-year lease on new London headquarters
UK firm bucks downsizing trend with move to larger space following growth of London team
Top 30 UK law firm Addleshaw Goddard (AG) has unveiled plans to relocate its London headquarters after signing a 15-year lease on a space in the historic 41 Lothbury building.
The relocation – set to take place in 2024 – will see AG’s 600 London-based lawyers and staff occupy 114,000sq ft of the listed building’s 130,000sq ft across eight floors. The firm said the new space will be slightly larger than the firm’s current headquarters at Milton Gate, where it has been since 2009.
Addleshaws said it aimed to use the move as an opportunity to ‘reinvent how the firm’s workspace can be reconfigured for the future world of working’ with respect to its flexible working policy.
The firm currently has nearly 400 lawyers and 133 partners based in the City and expects employees to spend at least two days per week in the office.
John Joyce, Addleshaws’ managing partner, said: “London has delivered impressive growth for us and, in our new HQ within a historic building in the heart of London's financial district, we will have the opportunity to grow further.”
The building is being refurbished by real estate company Pembroke and construction partner Wates Construction. AG said Wates would reuse material during the refurbishment, while the building will become all-electric with air sourced heat pumps in a bid to achieve the NABERS sustainability accreditation.
The new space will boast amenities including two roof terraces for dedicated use by AG and a 3,500sq ft basement space that will house a fitness studio and cycle storage. Formerly a bank’s headquarters, the enormous Banking Hall at its entrance will also become a hospitality area.
Joyce said: “We wanted to create the best possible environment for collaboration while also factoring in future growth in a more modern building configuration with better environmental credentials than our current space provides and 41 Lothbury will tick all the boxes.”
Addleshaws recorded its ninth consecutive year of revenue growth for FY22 with income rising by 18% to £321m against a 2% increase in profit per equity partner to £866k. It also grew physically and secured 24 lateral hires, made 20 internal promotions and absorbed a further 25 partners following its merger with Irish firm Eugene F.Collins in March.
News of the relocation sees AG buck a trend for law firms to take advantage of changing working patterns to reduce their office space in London.
In February Hogan Lovells said it was moving to a smaller space opposite its current London office on Holborn Viaduct and Allen & Overy and Skadden Arps Slate Meagher & Flom announced last year that they were relocating their London teams and downsizing in the process. Ashurst also said last year that its new policy of 60% office and 40% remote work meant it planned to reduce its office space globally by around 20% by 2023.