Profits rise at Gillespie Macandrew

PROFITS at law firm Gillespie Macandrew have edged higher after the opening of its Perth office and a pick-up in its commercial and corporate practices.

The Edinburgh-based firm said expanding into Tayside had helped to increase business at its land and rural business division.

Operating profits climbed to £2.65 million in the year to 28 February from £2.64m, with the average profit pocketed by its 22 partners increasing slightly to £121,000 from £120,000.

Bottom-line profits fell to £2.67m from £6.25m after there was no repeat of last year’s £3.62m exceptional gain from the sale of its investment management arm to Brown Shipley.

Turnover fell to £9.2m from £9.77m. Stripping out the sale to Brown Shipley, like-for-like revenues rose by 5.3 per cent.

Managing partner Ian Turnbull said: “We have not been immune to the depressed level of litigation activity, which has been well documented and is having significant impact on courts across Scotland and, consequently, our litigation and dispute resolution division revenues have dipped.”