Law firm results
Shepherd and Wedderburn reports 13% profits rise
Andrew Blain: ‘strong base’
Shepherd and Wedderburn reported a 13% rise in profits before partner distributions to £25.3 million in the year to the end of April on a 4.1% growth in turnover to £59.3m.
In recognition of the efforts of staff during a challenging year, they each received an exceptional bonus of 5% of annual salary in addition to bonuses payable under the firm’s performance-related bonus scheme.
The firm saw strong revenue growth across all divisions. The corporate finance team advised on 75 transactions with an aggregate value of £7.1 billion in the year to December 2020, an increase of 18% on its 2019 aggregate deal value.
Client activity has been particularly strong in the clean energy and technology transactions, while the banking team advised on 101 deals with a total value of £128.4bn in the last financial year, a doubling of value on the previous year.
Highlights include the acquisition of a 20-strong Scottish private client team from Dentons, creating one of Scotland’s largest private wealth and tax practices; and being ranked a Top 75 employer in the Social Mobility Employer Index 2020 by the Social Mobility Foundation,
The firm was appointed as sole legal adviser, in respect of corporate legal services, to the Scottish National Investment Bank and was reappointed to the legal panels of Virgin Money and The University of Edinburgh.
Among notable deals, the firm acted for IndigoVision Group, the AIM-quoted video security surveillance company, in its takeover by Motorola Solutions; and for the Scottish Professional Football League in successfully defending the £10 million claim made by Heart of Midlothian FC following the decision to end the season early due to the pandemic.
It also acted for Baillie Gifford in agreeing a 20-year pre-let of 280,000 sq ft at the £350 million Haymarket Edinburgh development.
Andrew Blain, managing partner, said: “Last year’s performance provides a strong base from which to deliver our growth strategy for the next three years, which will see us continue to invest in our people and in technology.”