Ledingham Chalmers ‘will not hit turnover target’
Law firm Ledingham Chalmers said pre-tax profits slipped from £4m to £3.5m in the year to the end of March as it admitted it will not achieve its turnover target set before the pandemic.
The Aberdeen firm said annual turnover rose from £13.6 million to £14.2m and it has grown headcount by more than 25% since April 2022, exceeding 200 for the first time.
Managing partner Jennifer Young said the fall in profit was a result of investment in its workforce combined with higher operating overheads.
Mrs Young said: “All that means we’re not wedded to the numbers we outlined in 2019 to double turnover to £25 million by 2025.
“We’re operating in a competitive post-pandemic marketplace for attracting and retaining talent – and we’re investing in a fast-growing workforce. We continue to benchmark salaries as part of our long-term sustainable growth strategy.”
he firm also allocated just under £280,000 in non-contractual bonuses in the last financial year, including through its performance related pay scheme.
It has also filled three senior roles in Aberdeen and Edinburgh.