Turnover up over year
Profits dip as Ledingham Chalmers focuses on long haul
Jennifer Young: ‘the marketplace is shifting’
Law firm Ledingham Chalmers saw a dip in group profits in the last financial year while turnover was higher.
Brian Hay, chief executive, said the budget forecast had been adjusted to take into account the acquisition of Simpson & Marwick Aberdeen.
“We exceeded our budget, which is great news, and, as we’ve said before, our focus is very much on the long haul.
“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. And, with a quarter to go, we’re on track to deliver that 5% increase on last year’s revenue for the law firm.”
The firm, which has offices in Aberdeen, Inverness, Stirling and Edinburgh, said group turnover, including subsidiary Golden Square Wealth Management (GSWM), was up to £12.1million compared to £11.6m last time.
Profits were down to £3.5m against £3.6m in the previous 12 months. The firm says this reflects investment in the growing GSWM team over the period to support future, sustainable growth.
Chairman and partner Jennifer Young said: “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.”
With 184 staff, including 33 partners, senior staff changes throughout the year included Linda Tinson and Phyllis Garden’s promotion 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.