News In Focus
Brexit vote a factor as Anderson Strathern figures dip
A fall in turnover and profit at legal firm Anderson Strathern, for the year to 31 August 2016, has been attributed in part to the vote to leave the European Union in the Brexit referendum.
Turnover for the year was down 3% from £21.7m to £21m, while profits fell 15% from £7.2m to £6.1m.
Managing partner Murray McCall said the firm had been ahead of budget over the first three quarters, but from May onwards there was a slowdown in commercial property and corporate work. He was not attributing all of this to Brexit, but there had been a "nervousness about the state of the economy", with confidence not returning for some time.
The larger fall in profit was due to investments by the firm, including in additional IT security, and a payment to reduce its pension scheme deficit.
During the year Anderson Strathern also merged with two firms, Jeffrey Aitken and ADLP.
Mr McCall added that at the halfway point of the current financial year the firm was ahead of where it had been in 2015-16.