Ledingham Chalmers ‘will not hit turnover target’

Jennifer Young
Jennifer Young:

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.

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