News In Focus
Bank changes have had "major impact" on Scots law firms: Crerar
The takeovers of HBOS and Royal Bank of Scotland have had a major impact on Scottish law firms, according to Professor Lorne Crerar, chairman of Harper Macleod, speaking to the Herald today.
Professor Crerar claims that the changes RBS is undergoing following the Government bailout, and the takeover of HBOS by the Lloyds group, have led to tighter credit restrictions for Scottish professional firms than for their counterparts down south.
In addition, more functions are being performed in London, leading to less work for Scottish based firms.
Harper Macleod's own results have improved, however, as it has won work to help banks restructure their loans. Turnover in the year to 31 March was up 7% to £15m, and net profit rose nearly 10% to £4.8m.