Staff at Morton Fraser LLP are set to cash in after revenues at the Scottish law firm pushed through £20 million for the first time in its history.
The independent firm, which operates from offices in Edinburgh and Glasgow, employing more than 270 people, has seen its annual billings rise by 9 per cent, year-on-year, to £21.7m. It pointed to its “investment in talent” as the foundation for 60 per cent revenue growth over the last five years.
The strong commercial performance results in another increase to the firm’s performance-related bonus scheme, which will reward all staff with up to 13 per cent of their annual salary. Profits have also risen by 13 per cent in the last financial year.
Chief executive Chris Harte said: “The quality of our team is the one consistent factor underpinning this period of growth for our business.
“We have some exceptional talent and some of the best specialist teams in the country. The roster of truly independent Scottish firms is dwindling, and our focus on talent is setting us apart.”
The firm said it had also seen an increase in its international standing, with a growing number of referrals through the global network Interlaw.
Harte added: “It would be wrong to assume that a proudly independent firm in Scotland can only do business in Scotland. Our connections and reputation extend not only into the City of London, but also internationally.
“We help overseas clients to assess their options here and also support domestic clients in other jurisdictions.”
The firm highlighted a strong year for its commercial real estate division, whose “burgeoning reputation” in London is said to be reaping rewards. The team is Diageo’s lead legal advisor for commercial property work in the UK.
It also advised Rockspring on the purchase of 9-10 St Andrew Square in Edinburgh and BAM Properties on its role in Edinburgh’s largest speculative office development at Capital Square.
The team also helped Platform to launch in Scotland with the acquisition of Central Quay, a private rented housing development, in Glasgow.