Year of significant investment
Uplift in figures at law firm Thorntons
Scottish law firm Thorntons has reported growth in turnover and profit across all areas of the business.
The 45-partner firm, one of the largest full service firms in Scotland, has undergone a period of significant investment which has resulted in an overall increase in turnover of 14%.
It has seen notable increases across many of its disciplines and the payroll has risen from 324 to 376.
Thorntons has a network of 10 offices covering Angus, Dundee, Edinburgh, Perthshire and Fife. The footprint of the firm has grown following a number of strategic mergers and investments, most recently Watts Law of Montrose and Clarkson Hamilton of Kirkcaldy.
The continuing investment and merger integration costs have had a slight impact on short-term profitability. The firm is confident that its commitment to continuously improving the efficiency of its operational processes and investment in service provision will ensure increased profitability in future years.
Craig Nicol, joint managing partner, said: “These results represent our commitment to invest for the long term and our clear strategy for growth across the business.
“We merged with St Andrews, Cupar and Anstruther firms Murray Donald and Steel Eldridge Stewart in November and September 2014 so these figures represent our first full financial year incorporating our new Fife operations.
“We are continuing to expand our footprint and develop all our office locations, in particular Fife and Edinburgh. At this time, we are confident we have a stable base from which to grow in the short and medium term.”