Scots legal firm reveals record revenues and earmarks £200k to help staff tackle cost-of-living crisis

Ledingham Chalmers, the Aberdeen-headquartered legal firm, revealed that it has set aside £200,000 to support staff tackle the rising cost of living as it posted record revenues.

The bonus means that each member of staff employed on October 10, and not serving notice, will receive a one-off payment of £1,200. It forms part of a £400,000 pot for staff including discretionary bonuses and the performance related pay (PRP) scheme.

Managing partner Jennifer Young said: “Everyone is dealing with a rising cost of living, and we haven’t underestimated what that means for our colleagues, so it’s important we take steps to provide as much support as we can.

“That’s why, as well as these bonuses and PRP payments, we’ve benchmarked salaries against the marketplace and are reviewing our wider benefits package.”

Ledingham Chalmers managing partner Jennifer Young: 'The market is changing dramatically.' Picture: Alastair Robb

The firm’s financial results for 2021/22 revealed its highest turnover - £12.8 million - since becoming a limited liability partnership (LLP) in 2006. Turnover for the group, including subsidiary Ledingham Chalmers Financial, amounted to £13.6m, compared with £12.3m in 2020/21. Group profit rose to £4.1m from £4m the previous year. The firm’s charitable trust donated £13,000 between April 2021 and 2022, including £7,000 to recognise colleagues’ efforts to mark its 30 years in business.

The results are said to follow a strong performance “across the board” including in the core corporate and commercial practice areas. Results from the rural and private client teams continued to rise against previous years.

Last year, Ledingham Chalmers announced its goal was to double its turnover to £25m by 2025. The firm plans to expand its commercial offering through strategic mergers and acquisitions, complementing work it already does with public sector organisations and individuals, as well as multinational organisations, national companies and high potential SMEs (small and medium-sized enterprises). These businesses operate across a range of key sectors such as energy, oil and gas, renewables, commercial property, construction, agriculture, leisure and tourism, as well as insurance.

Young said: “Year-on-year growth in the private client discipline, including residential property and rural, has been encouraging and reflects a lot of hard work from colleagues, as well as strategic investment. The most recent example being when the Simpson & Marwick Aberdeen estate agency team joined us in 2019. That, along with a strong performance in insurance and personal injury litigation, where we continue to act Scotland-wide for one of the UK’s largest insurers as well as a host of public sector organisations, and our involvement in some of the highest profile commercial transactions in the north and north east gives us a robust platform for growth.”

She noted that having the right people in the right roles across the firm’s offices through recruitment and developing talent was also crucial for growth. Firm-wide there have been 55 new starts since November 2021, bringing the headcount as of October 10 this year to 176 including 27 partners.

Young added: “The market is changing dramatically, client demand is evolving, and also how we deliver legal services is changing. So, it’s going to be an exciting time for the firm.”