Scottish legal practice Thorntons has lifted its turnover and profits following a year of expansion.
The Tayside-headquartered firm’s turnover increased by £3.7 million, or 21 per cent, while profits nudged up to £4m from £3.9m a year earlier.
Thorntons, which has a workforce of about 420, including 39 partners, said the jump in turnover was driven by a combination of further organic growth in specific sectors and mergers with the firms of Steel Eldridge Stewart and Murray Donald in Fife in 2014.
Craig Nicol, joint managing partner, said: “Our turnover increased exceptionally this year, driven primarily by growth in certain service lines and two major mergers which have increased the size of the business significantly.
“Though continuing investment and the costs associated with mergers have impacted on our short-term profitability, our commitment to improving the efficiency of our operational processes will ensure increased profits and stability in future years.”
The firm recently achieved its best ever rankings in the prestigious Chambers UK Legal Directory. Earlier this year, it climbed 33 places to eighth in this year’s SME 300 table following 12 months in which both turnover and profits grew significantly.
Thorntons has offices in Anstruther, Arbroath, Cupar, Dundee, Edinburgh, Forfar, Montrose, Perth and St Andrews.