Law firm figures
Thorntons returns to pre-pandemic growth rate
Thorntons, the law firm, has returned to pre-Covid growth rates with both turnover and operating profits rising on the previous year.
Turnover for the year to 31 May 2022 was up by 12%, hitting £35m with operating profit growing by 11% to just over £10m.
During the year, the firm saw three partner teams join from MacRoberts, and mergers with Dundee firm Kim Barclay Solicitors and Edinburgh practice Stuart and Stuart WS. When combined the company’s headcount grew by more than 45.
Thorntons, which is the fourth largest independent legal firm in Scotland, created an additional 82 jobs over the year.
The trading period covers the first full financial year under Lesley Larg, who became managing partner in June 2021.
She said: “It has been a very significant year for the firm which has seen our results return to the double-digit growth we experienced prior to the pandemic.
“The acquisition of three very successful law firms has only strengthened our offering as a business and the results show across-the-board growth from all our teams.
“They also highlight the progress of our five-year strategic plan which focuses on organic, sustainable growth in markets where we have industry-leading expertise.”
Twenty trainee solicitors became fully qualified and 38 internal legal promotions were awarded, including seven to partner level.
The business allocated £300,000 to its agile working plan which supports flexible working patterns and has been cited by new employees as a motivation for joining the firm.
Ms Larg added: “We have a number of very exciting opportunities on the horizon including the opening of our new Glasgow office and the job creation it will bring.
“We are hopeful of being able to announce some other senior hires across our geography in the coming months.
“We are not naïve to the current economic climate, however, with energy bills at record highs, creating rising costs as we move back into the office.
“However we are seeing encouraging signs in many markets, including property where in the residential sector fixed rate mortgages have been improving across the first quarter of this year and in the commercial sector annual investment volumes in Scottish commercial property continued their upward trajectory in 2022 to the highest since 2019, suggesting a shallower recession than many feared.
“Our commitment to working in close collaboration with our client base, delivering the highest quality of advice and our investment in our people, will ensure the firm continues to flourish.”