PARTNERS at mid-tier Scottish law firm Tods Murray enjoyed a 10 per cent rise in profits last year after a pick-up in work for its banking, employment and private client departments.
The Edinburgh-based practice grew its pre-tax profits to £2.5 million in the year to 31 March from £2.3m in the previous 12 months, according to accounts filed at Companies House.
The number of partners – formally called members of the firm’s limited liability partnership – dipped to 34 from 35, giving an average profit per member of £75,000. The highest-paid member took home £112,100.
Tods Murray’s rising profits came on the back of fee income going up to £12.6m from £11.8m, with the banking team posting a 28 per cent gain in turnover and the private client department enjoying a 35 per cent boost.
Executive partner David Dunsire told The Scotsman: “We take a lot of instructions from magic circle law firms in London to do cross-Border work for the banks, as well as acting for our own banking clients.”
The practice’s customers include Barclays, Lloyds Banking Group and Santander, with Henderson Global Investors, Macquarie Bank and M&G being added during the past year. The firm has also acted for Goldman Sachs, HSBC and JP Morgan, and Terra Firma.
Dunsire added: “In the employment department, we’ve seen an increase in non-contentious work, plus the team retained its instruction from the Forestry Commission. During the current financial year, we’ve continued to see growth and we’re cautiously optimistic about the economic outlook.”
Dunsire remained tight-lipped over whether the firm was in talks to merge with any other practices. Tods Murray took over private client boutique Fyfe Ireland in 2012.