Brace of Scots law firms post rise in their profits

By PETER RANSCOMBE
Published on 02/02/2013 00:00

TWO of Scotland’s mid-tier law firms posted rising profits yesterday as they shrugged off a dearth of big corporate deals by diversifying their work.

Edinburgh-based Anderson Strathern reported a 1.5 per cent rise in profits to £7.3 million, while Thorntons – Tayside’s biggest law firm – returned a 16 per cent jump to £2.6m.

Anderson Strathern managing partner Andy Lothian, who has been elected to serve a second term in the hot seat, said: “It is really healthy to see this come from a mix of organic growth and new hires.”

Lothian said the figures included one-off costs after the practice moved its Glasgow 
office, adding: “That means we should see a stronger bottom line in the current year.”

But the firm remained tight-lipped over how much of the profits its partners would share, saying its accounts had not yet been finalised.

Turnover rose by 7.7 per cent to £22.8m following an increase in public sector work.

Meanwhile, revenues at Thorntons edged up by 2 per cent to £13.1m. But its bottom line was bolstered by the diversification strategy put in place in 2011 by joint managing partners Craig Nicol and Scott Milne.

Nicol said: “These results are enabling us to invest in key areas, particularly our teams in investment services, intellectual property, IT and media.”