Law firm Ledingham Chalmers has announced increased annual turnover and profits.
The full service operation’s revenue for year ending March 2019 was just over £11.6 million, compared with around £10.6 million the year before. Profits were up from £3.2 million to £3.47 million.
Group turnover, which included the company’s subsidiary Golden Square Wealth Management (GSWM), was also up to £12.1million from £11.6million. Profits were down to £3.5 million from £3.6million, which the firm put down to investment in the growing GSWM team.
Chief executive Brian Hay said: “We exceeded our budget, which is great news, and, as we’ve said before, our focus is very much on the long haul: ensuring we continue to have the right people in place to carry on delivering what we know is a valuable service for clients, with the SME sector a particular area of focus.”
In November, the 12-strong Simpson & Marwick real estate team transferred to Ledingham Chalmers in Aberdeen from Clyde & Co. The firm now has a headcount of 184, including 33 partners, across Aberdeen, Edinburgh, Stirling and Inverness.
Hay added: “Looking ahead, we’ve revised the 2019/2020 budget, mainly to reflect changes following the Simpson & Marwick Aberdeen deal, which saw the team join Ledingham Chalmers in November. And, with a quarter to go, we’re on track to deliver that 5% increase on last year’s revenue for the law firm.”
Chairman and partner Jennifer Young said: “As well as the considerable legal expertise you’d expect, we have a reputation for being approachable, responsive and good to deal with, and the benefit of that approach comes through in these figures, as well as in the external recognition our firm receives. We’re consistently recognised in the Chambers and Partners and Legal 500 directories based on feedback from clients and peers.”
During the year, Linda Tinson and Phyllis Garden were promoted to partner; while John Lee – one of only three solicitor advocates in the country to be accredited by the Law Society of Scotland in both employment and discrimination law – joined the Edinburgh office from Lindsays.
Young said: “We continue to be firmly established within the leading pack of firms of a similar size – and bigger – and are consistently commended for the quality of our people, as well as our sound, pragmatic guidance. Yes, the marketplace is constantly shifting, but for firms like us, with the appetite to adapt and respond to trends, and to align effectively with client needs, there are always opportunities.”