Year of growth
Profits dip in solid year at Shepherd and Wedderburn
Andrew Blain: ‘proud’
Law firm Shepherd and Wedderburn reported a 1.7% dip in profits before partner distributions to £22.4 million despite a 2% rise in turnover to £56.9 million in the year to 30 April.
Andrew Blain, managing partner, said the firm had shown “solid growth” but like many businesses, the last two months of the financial year were impacted by the pandemic.
“Since then we have been operating in a very different and altogether more challenging environment,” he said.
“I am proud of the way in which we have responded to those challenges and continued to support our clients as we all face up to the continuing uncertainties of the pandemic.
“We will continue to look to invest in talent and technology and to take advantage of the opportunities that present themselves this year.”
The firm’s clean energy group reported record revenues during the period in review, up 54% on the previous year.
The corporate finance team advised on deals with an aggregate value of more than £6 billion in the year to December 2019, and its banking and finance team advised on 276 deals with a cumulative value of £64.6bn in the year to the end of April, an increase of 65% in the total number of deals on the previous year.
The commercial disputes and regulation, real estate, pensions, employment and private client teams also posted strong performance.
Notable deals and matters over the past 12 months included: acting for Cairn Energy in the sale of assets in Senegal, advising Neart na Gaoithe Offshore Wind Limited on the £2 billion financing of the Neart na Gaoithe offshore wind farm and advising Baillie Gifford on a major commercial let of 280,000 square feet of accommodation at the £350m Haymarket Edinburgh development.
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