Harper Macleod ‘will emerge in strong position’ from Covid
Chairman Lorne Crerar and chief executive Martin Darroch
Law firm Harper Macleod posted flat profits its last financial year which ended just as the pandemic was taking hold.
The Glasgow-based firm said it met all of its strategic aims for the year to 31 March 2020.
Turnover for the year rose from £29m to £30.8 million, while 69 designated members will share profits of £11.1m, against £11m previously.
“Our guiding key principles to meet the ongoing challenges of the pandemic have been liquidity, solvency and long-term sustainability of the business,” the firm said.
“To deliver on these principles we have carefully reviewed and reduced our discretionary expenditure, we have utilised the government’s job retention scheme as well as managing overall remuneration costs and reduced partner drawings to aid cash flow.
“All the evidence to date supports our confidence that we will emerge from this health crisis in a very strong position to meet market challenges and to continue to increase market share.”
During the reporting period it acquired Wink & Mackenzie, the largest legal services provider in Moray, adding two partners and 15 other staff.
The firm employed an average of 174 lawyers and fee earners across its offices in Glasgow, Edinburgh, Inverness, Thurso, Shetland and Elgin, against 159 the previous year. The number of administration and support staff also increased from 133 to 141.
In a statement with the accounts, it said: “We have met all our strategic objectives for the year and despite the market disruption of Covid-19 we believe we are well-placed to make the most of the opportunities which arise now and in the future.”