Scottish law firm Blackadders has posted a 6% increase in profit on turnover growth of 1.4% to £16.9m for the combined income of the legal and wealth management services.

Profit before members’ remuneration and profit shares for the 2023/24 trading year was £4.61m, up from £4.35m.

The year saw investment in improving staff benefits, new premises and upgrades to core IT infrastructure, including a new case management system. All staff now have access to private health insurance and a medical cash back scheme.

Blackadders LLP deployed significant resources to consolidate services in Glasgow, Edinburgh, Aberdeen and Dundee.

A review was undertaken of services and the board decided to withdraw its estate agency offering and partner with third party providers for residential property sales.

As a result of this investment and consolidation, the overall headcount fell from
220 to 180.

Ryan McKay, joint managing partner, said: “This has been another strong performance by the whole team. We have used resources to ensure we are an employer of choice within the profession by improving staff reward and investing in the best offices and technology.

“This is money well spent and will ensure we are better positioned for the predicted further growth the firm will enjoy over the coming years.”

The firm is targeting turnover £25 million and a 35% profit margin by the end of the 2025/26 financial year.