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Gillespie Macandrew reports profits despite credit crunch

25 November 2008

Despite a reduction in its property sales, the Edinburgh law firm Gillespie Macandrew is expecting profits in the current financial year on a par with last year's.

The firm says that its commercial team and financial services have performed well, which has offset the downturn in the housing market and the resulting loss of four members of its property team.

The latest set of accounts show a 20% rise in profits to £3.6 million in the 12 months to 29 February this year. The firm’s turnover in the same period was £10.5m, an increase of 14% on the previous year.

Gillespie Macandrew employs some 140 members of staff, including 22 partners. It merged with Haig Scott in 2007-08.

Managing partner Ian Turnbull said a combination of organic growth and strategic mergers had led to the increase in turnover.