Law firm Gillespie Macandrew has reported a record rise in turnover although investment in staff and premises saw profits dip.
The Edinburgh-headquarterd firm saw turnover increase by 8 per cent to £11.4 million in the year to 28 February with profits falling by 2.9 per cent to £2.8m following record growth of over 18 per cent the previous year.
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Gillespie Macandrew said profits were impacted by expansion outside the capital and a number of new partner and staff appointments.
Chief executive Chris West said that a lower profit figure had been budgeted for.
“We have increased our staff numbers, taken additional space for growth in our Perth and Glasgow teams, continued our associate development programme and launched an all-staff bonus linked to the performance of the business as key elements of that investment, along with commencing the streamlining of our processes and updating our use of technology,” he said.
The firm, which also has offices in Glasgow and Perth, currently has 22 partners and 118 staff and specialises in areas such as land and rural affairs, energy and private client. It also includes Edinburgh estate agents Hunters Residential.
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Chairwoman Fiona Morton said the practice’s fifth successive year of growth meant it was well placed for further expansion.
“The changes in the legal services market have never been at a faster pace,” Morton said.
“This is an exciting and dynamic place to be and we feel we are strongly placed to continue to compete and to enhance and grow our business in the year ahead and beyond.”
Recent appointments by the firm include Viktoria Wahle as an associate in its land and rural business team.