Ledingham Chalmers breaks £10m amid signs of recovery

By GARETH MACKIE
Published on 05/09/2012 00:00

Law firm Ledingham Chalmers today said it had seen a “slow recovery” in corporate activity after turnover broke through the £10 million mark for the first time since it became a limited liability partnership (LLP) six years ago.

The Aberdeen-based practice, which has a subsidiary called Golden Square Wealth Management, said a rise in private client work had also helped fee income in the year to 31 March grow 4.7 per cent to £10.4m. Group profits edged up 2.8 per cent to £3.8m.

Despite the opening of a base at Stirling Agricultural Centre in February, costs held steady at £6.2m as the firm, which also has offices in Edinburgh and Inverness, maintained its overall headcount at 143 during the year.

Jennifer Young, who succeeded David Laing as chairman at the start of the year, said turnover at the private client and corporate departments had risen by 9.7 per cent and 8.6 per cent respectively, with corporate transaction activity “showing signs of slow recovery toward levels seen pre-recession”.

She added: “We remain committed to the continued growth of our offering across the country, with the opening of our doors at United Auctions’ Stirling Agriculture Centre, in February, mirroring our presence at the North-east of Scotland’s largest mart at Thainstone.

“Stirling has an important role to play, not only in our work in the agricultural sector but also in providing improved access to central Scotland, 
where we aim to further expand our activity with clients in 
farming, food, fish and forestry and, increasingly, the renewable sector.”

Scotland’s legal sector has witnessed a number of high-profile mergers and acquisitions in recent months, and in July Ledingham Chalmers expanded its private client team through a tie-up with Aberdeen firm 
Esslemont Cameron Gauld, adding Tom Davidson as a partner, along with four consultants and a solicitor.

Young added: “We are actively recruiting in our corporate team, and have welcomed four first-year trainees to the firm while also retaining five of our 2010-11 intake as they move into their second year.”