Brexit vote boosts income at law firm Morton Fraser

Law firm Morton Fraser today announced a year-on-year jump in revenues, pointing to 'several positive outcomes' from the Brexit vote.
By The Newsroom
Published 24th Jul 2017, 08:16 BST
Updated 12th Sep 2017, 12:01 BST

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Morton Fraser chief Chris Harte said the law firm had acted for many overseas investors capitalising on the pound's weakness. Picture: ContributedMorton Fraser chief Chris Harte said the law firm had acted for many overseas investors capitalising on the pound's weakness. Picture: Contributed
Morton Fraser chief Chris Harte said the law firm had acted for many overseas investors capitalising on the pound's weakness. Picture: Contributed

The independent practice, which has offices in Edinburgh and Glasgow and more than 270 staff, said income was up by 2.5 per cent from the previous year, and by nearly half in the last four years.

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Profits have risen by 78 per cent over the last four years, again reaching £7 million this year, having “consolidated its recent growth with a year of increased annual billings, major investment in IT and some key hires”. Annual billings amounted to almost £20m for the year to April.

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Chief executive Chris Harte said: “We are building sustainable, long-term success here.”

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Regarding the Brexit vote, the firm said positive consequences have included a “notable” increase in corporate and property transactions in Scotland.

• READ MORE: Linda Urquhart to retire as chair of Morton Fraser

On the corporate side, Harte flagged particular growth in the technology and life sciences sectors, with the business having acted for many overseas investors looking to capitalise on the drop in the value of sterling.

He added: “This includes acting in the sale of Scotland’s largest sporting estate; Scotland’s largest-ever single-asset logistics deal; and the purchase of Heartlands, one of the country’s largest regeneration projects… there are more of these deals in the pipeline.”

• READ MORE: Maclay Murray & Spens name to disappear in Dentons tie-up

Elsewhere in the Scottish legal sector, it was revealed last week that Maclay Murray & Spens is to merge with Dentons, the largest law firm globally by number of lawyers.

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