Legal firm figures climb
Rise in activity boosts profits at Anderson Strathern
Differentiation: Bruce Farquhar and Murray McCall
Scottish legal firm Anderson Strathern saw profits rise 28% to £8.9 million from £6.9m on the back of increased activity across commercial, public and private client sectors.
Revenue rose 7% to £24.4m (2018: £22.8m) in the year to the end of August.
Among operating highlights, the firm’s Dispute Resolution team experienced increased commercial litigation and regulatory work, while Rural Land & Business handled a series of major land transactions.
The Employment team continued to benefit from growth in tribunal claims, Brexit-related advice saw a significant increase and the Corporate and Commercial Real Estate teams secured growth through a number of large deals. These included advising Soccerworld on the recent acquisition of Goals Soccer Centres.
Murray McCall, managing partner, said: “The firm experienced revenue growth across all departments during the year and, in an economic environment characterised by uncertainty and not without its challenges, that’s testament to the quality of our people.”
In June, Anderson Strathern was selected as the first Scottish legal firm by the Meritas global network which numbers more than 180 law firms from more than 90 countries.
In July, the firm launched investment vehicle AS Capital while joining the Equity Gap angel syndicate and making its first investment in energy sector specialist Synaptec.
Bruce Farquhar, chairman, said the firm is committed to remaining independent. “We will continue to seek out ways to differentiate ourselves from the sector when we believe this to be in the best interests of both our clients and our people,” he said.
Since the year end, demonstrating the firm’s strategy to occasionally add growth by acquisition, it absorbed specialist Glasgow-headquartered law practice Hardy Macphail, expanding its SME base and helping to double the size of its Glasgow base. With an increasing focus on staff wellbeing, the firm also increased staff pension benefits, improved family friendly benefits and paid staff a discretionary bonus.
Anderson Strathern Asset Management (ASAM), the financial planning and discretionary fund management arm, now has more than £250 million of assets under management and about 400 clients.