Thorntons targets £40m turnover as profits fall
Scottish law firm Thorntons posted a fall in profit last year but says it is on target for £40m turnover.
In newly-published accounts it said income rose by 8.2% to £37.8 million for the year to the end of May 2023 against £35m in the previous period.
However, profit before members’ remuneration and profit shares dipped to £9.18m from £10.1m.
During the last financial year the Dundee-based firm increased its focus on the Central Belt and opened a permanent Glasgow office.
It also secured some significant new clients in emerging sectors including agri-tech, carbon capture and green tourism and concluded a number of key deals.
These included advising vertical farming business Intelligent Growth Solutions which recently concluded a £22.5m Series C fundraise to support global expansion.
Thorntons has 73 partners and a headcount of more than 500 across 14 offices in Scotland. Lesley Larg, managing partner, said it had been an “incredibly busy year”, adding that the firm hopes to double its headcount in Glasgow.
“We have also invested substantially in our people, ensuring we offer high quality learning and development opportunities and competitive salaries.
“I’m incredibly proud of what we have achieved across the business during an uncertain economic period.”
As part of its ESG strategy, the firm created employee advocacy groups to challenge and reduce its environmental impact and address equality issues. To support its talent pipeline, the firm appointed 13 trainee solicitors in the last financial year, which was its largest intake to date, and welcomed nine interns.
Ms Larg added: “We are experiencing continued strong growth this financial year and are predicting a £40M+ turnover. The current year will also see more colleagues join us in locations including Dundee and Edinburgh in a range of legal and business support roles.
“This year will also herald the opening of our newest permanent office location in Inverness, where our team will move from their current serviced accommodation into a bespoke, refitted office space in Spring.
“Our commitment is to remain a full service, independently owned Scottish firm balancing our personal and business legal services equally across the firm.
“As well as our plans for organic growth, merger and acquisition opportunities continue to present themselves and we will consider progressing some of those which present a strong cultural and client focused fit.”