News In Focus
Turnover increase for Ledingham Chalmers
The law firm Ledingham Chalmers has announced its annual results and is celebrating a turnover rise of 19%.
Corporate activity, particularly in the north east is credited as the cause of the increase. Turnover rose to £9.4 million in the year to 31 March and the firm's net profit before tax was £4.1 million, brining profit-per-member to £173,000.
Ledingham Chalmers re-launched as a limited liability partnership (LLP) in 2006.
Chairman, David Laing said Ledingham Chalmers LLP has been able to grow by investing in existing and new talent right across the firm. This has allowed it to increase activity in the traditional corporate, commercial property, litigation and private client areas while also growing its construction, planning and rural practice.
Over the past year the firm’s headcount has expanded to 158, including partners, with the number of qualified lawyers now standing at 62 across all disciplines – 12 more than in the previous year.
Personnel costs across its offices amounted to £3.7million - 39% of turnover - maintaining the figure established in 2007. This included payments from the firm’s profit-related pay scheme which totalled £129,000, an increase of 26% on the previous year.
Ledingham Chalmers’ main challenge, said Mr Laing, is to ensure it continues to meet the demanding expectations of the varied markets in which it works.
“We are very conscious that many clients are facing, or may yet face, severe economic pressures arising from the credit crunch and an ever-rising oil price. Our challenge is to respond by continuing to deliver effective support and value for money," he said.
Ledingham Chalmers has also continued the development of its charitable trust, which supports local and national charitable organisations, and has now begun working with entrepreneurs in the third world through providing the seed capital for a microfinance initiative in Ghana.