Profit and turnover up at 'big four' firm Dundas & Wilson

SOLID performances from its litigation and restructuring departments helped profit per equity partner at "big four" Scottish law firm Dundas & Wilson to edge up 2.5 per cent to £325,000.

Turnover lifted 1.6 per cent to 62 million in the year to 30 April, according to headline figures released yesterday ahead of the practice's full accounts being filed at Companies House.

The modest growth in revenue means D&W, which has 83 partners, has slipped further behind arch rival McGrigors, which last month posted a 10 per cent rise in turnover to 65.6m, having leap-frogged into top spot, by fee income, with the previous year's results.

But D&W stayed ahead of McGrigors in the earnings stakes after average profit per member of McGrigors' limited liability partnership fell from 192,000 to 179,000 after the partnership grew following a takeover.

Donald Shaw, D&W's managing partner, said: "This is an acceptable set of results given the challenging trading conditions across the legal services market.

"We have always had an efficient business model, which allows us to maintain and grow a sustainable long-term business."

D&W advised Royal Bank of Scotland on the unwinding of its joint venture with Aviva and helped Scottish & Southern Energy to sell three wind farms.

Shaw has "conservative optimism" for the financial performance in the current year, but said it would depend on if there were any further "economic shocks".