More than 700 staff at Scottish legal giant to pocket substantial annual bonuses

One of Scotland’s largest law firms is to pay every member of staff a bonus worth 7.5 per cent of their annual salary after booking “very positive” annual results.

Burness Paull, which employs more than 700 people, including 90 partners, across its offices in Aberdeen, Edinburgh and Glasgow, reported turnover of £60.1 million and a headline profit of £24.3m. The figures are for a shortened eight-month reporting period following the firm’s decision to change its year-end to “align with market norms”.

It pointed to growth across its full-service offering as it continued to strengthen and extend key practice areas. Headcount during the period surpassed 700, the benefits of new offices in Aberdeen and Glasgow were “felt fully”, and “AI-powered solutions” were rolled out or are being tested with a view to “maximising the value the legal teams provide for clients”. Notable client mandates for the year included advising the administrators of collapsed housebuilder Stewart Milne Group and Highlands and Islands Enterprise on commercial litigation relating to the Cairngorm funicular railway.

Burness Paull chairman Peter Lawson said the firm had carried the previous year's positive momentum into its shortened financial period.

The strong results have triggered an all-staff bonus that – in addition to individual performance-related bonuses – will see every employee receive a payment worth 7.5 per cent of their annual salary, pro-rated to account for the shortened financial year.

Peter Lawson, chairman of Burness Paull, said: “We saw an uptick in activity during the second half of our 2022/23 financial year and we have carried that momentum into this shortened financial year, which has led to a very positive set of results.

“The fact that this is an eight-month reporting period rather than the usual 12 months means it is difficult to do acceptable year-on-year comparisons. However, our performance to date, combined with the pipeline of work and the timing of costs, give us confidence that both turnover and profit have grown strongly on last year. This reflects the hard work of our people and their dedication to our clients, and we are delighted to be able to reward their efforts with the all-employee bonus.”

He added: “While challenges remain, it’s a much more stable economic picture than it was 12 to 18 months ago. The greater certainty provided by falling inflation and interest rates being held has led to growing investor confidence and increased levels of transactional activity, which plays to the firm’s strengths in corporate finance, real estate, banking and funds, energy and technology in particular.

“We continue to invest in line with our long-term growth strategy, to ensure that we are able to attract and retain the right skills and specialist expertise to meet the evolving requirements of our clients and provide a truly holistic service.”

The firm’s 2023-2024 financial year was a shortened eight-month reporting period running from August 1 2023 to the end of March 2024. Its financial year previously ran from August 1 to July 31. Last August, the firm reported turnover of £83.2m and a headline profit of £35.5m for the 12-month period. From now on, the firm’s financial year will run from April 1 to March 31.