Upturn in deals

Law firm Thorntons posts record turnover

Colin Graham and Lesley Larg

Scottish law firm Thorntons posted a 1.9% rise in turnover to a record £31.2 million in the year to the end of May last year.

Managing partner Lesley Larg said the firm had stepped up in the face of the “significant challenges of the pandemic.”

Following a series of acquisitions and significant hires, Dundee-based Thorntons is now the fourth-largest independent legal firm in Scotland with 13 offices and Ms Larg credited its growth to its decision to remain a full-service legal firm.

The firm’s private client work has been complemented by a major upturn in funding deals for Scottish-based technology firms.

In total, the firm advised on £105 million worth of tech deals during the period.

Ms Lang said: “Opportunities within the tech sector in Scotland are absolutely burgeoning. There is real resilience, with major investor appetite for the right businesses and we are excited about the significant growth prospects in the years ahead.”

Thorntons chair Colin Graham also cited the “increasing breadth“ of the 160-year-old firm’s capabilities as a major factor in the 91% growth it has experienced since 2014.

“We are proud that we made no redundancies, despite the pressures of Covid and we emerged from the worst of the pandemic with every job intact, thanks in no small part to the furlough scheme.

“That we were able to use it as intended, to preserve jobs and support our people during the worst ravages of the pandemic, is something for which we are all extremely grateful.

“Indeed, the fact that we were able to bring people back so quickly after furlough has been hugely beneficial to the firm and has enabled us to create a further 75 jobs in the past eight months.”

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