News In Focus
BTO hails results from first year as LLP
Legal firm BTO Solicitors has published details of its financial performance in its first year of trading as a limited liability partnership.
Revenue for the 12 months from 1 April 2016, when the firm began trading as LLP, to 31 March 2017 was £18.916m and profit was £7.82m. While there were no comparable published figures for the previous year, chairman Alan Borthwick said both measures had seen "double digit percentage increases". Firm revenue had increased 62% over the past five years, during which time staff had grown by 50%.
The firm’s four main business divisions – commercial dispute resolution, insurance, private client and property, corporate and construction – are all said to have performed well, while specialist units such as data protection/cybercrime, family law and commercial property saw a "considerable increase in demand".
Mr Borthwick commented: “We are implementing our current five year business plan with success against the background of a challenging marketplace for professional services firms and a changing landscape for the legal profession in Scotland.
“Our consistently strong financial results have enabled the partners to invest with confidence in state-of-the-art IT systems, infrastructure and first class people.
“This stable financial position allows us to remain on course with our business aims and in particular to further expand the range and depth of services available to our clients. We believe we are well placed to achieve our business objectives and to continue the steady expansion and development of the firm.”