Dundas & Wilson, Scotland’s largest law firm by turnover, has suffered steep falls in revenue and profits as a new management team continues to restructure the business.
Turnover was down more than 10 per cent to £48.7 million to the year to 30 April, compared to £54.5m in the previous year.
Pre-tax profit fell 21 per cent from £16.2m to £12.8m, and profit per equity partner was £164,000 from the previous year’s £210,000.
The firm said the results came in a “transitional year” during which Caryn Penley and Allan Wernham were elected joint-managing partners and Laurence Ward as chairman in August.
In a statement the practice said: “The firm’s financial performance last year was bound to be impacted by the tough decisions we have taken to reshape our business and to build a platform for sustainable growth.
“We are very ambitious and we have a clear view of our business priorities. Accordingly, we will continue to target investment into expanding and diversifying our client base and further developing the business processes, tools and skills that enable us to deliver the highest quality of service and exceptional value for money that clients demand.”