Deals help law firm's growth
Burness Paull staff gain as profits rise for ninth year
Peter Lawson: boots on the ground
Law firm Burness Paull has reported a ninth year of consecutive growth after another strong year of deal instructions.
It will mean staff receiving a bonus equal to 5% of their salary after the firm met its performance targets for the 2017/18 financial year.
Profit, which fell in the previous year, rose 8% to £23.8 million (2016/17: £22m) on a 7% increase in turnover to £57.6m (£53.8m).
Peter Lawson, who succeeded Philip Rodney as chairman, said: “We have delivered an excellent financial performance in what has been a choppy year for the Scottish economy.
“There will undoubtedly be more challenges to come as a result of the uncertain political and economic backdrop.
“However, there will also be opportunities for those who are prepared to be bold and adapt.”
The firm said it had seen an increase in instructions across more sectors with energy, technology and the international business being the key drivers.
Mr Lawson said: “Scotland continues to produce exciting, dynamic businesses. Our international clients also tell us it is a cracking place to do business and is increasingly attractive for inward investment – more so than any region outwith London.
“Our future-facing global strategy involves a constant flow of focused trade missions.
“Every week we have boots on the ground in our key territories of US, China, Norway, Canada, India, Germany and Israel, which gives us genuine intimacy with those markets.
“These excellent results support our strategy of combining in-market focus with global reach.”
The success of the firm’s international drive was underlined by the growing number of mandates from outside the UK, said the firm.
It was appointed the sole Scottish representative in Lex Mundi, the world’s leading network of independent law firms, which helped it win a 30% increase in international instructions over the past year.
Headcount at the firm grew by almost 5%, with 23 members of staff taking the overall number of employees to 505, of which 317 are lawyers.