News In Focus
Anderson Strathern reports turnover and profits growth
Legal firm Anderson Strathern increased turnover by 2.5%, and net profit by 4%, in the year to 31 August 2017, figures released today show.
The firm said turnover growth, from £21m to £21.5m, was boosted by major client wins, panel appointments and organic growth across its private client, commercial and public sector practice groups.
It represents a recovery from the previous year, when the aftermath of the Brexit referendum was blamed for a fall from £21.7m to £21m. Likewise profit growth, from £6.1m to over £6.3m, follows a previous year decline from £7.2m, caused also by investment and a payment to reduce a pension scheme deficit. Profits per equity partner were up 9%.
Dispute resolution saw "significant growth" during the year on the back of the 2016 mergers with ADLP and Jeffrey Aitken, and the family law practice experienced "healthy organic growth". Rural land and business also saw significant growth, while employment and pensions was bolstered by new revenue streams from increased tribunals as well as immigration law advice.
Managing partner Murray McCall commented: "By investing in our people, our brand and technology, we have built a strong platform for our next phase of growth as one of Scotland’s leading independent legal firms. We have a great team at Anderson Strathern and last year’s results are testament to our collective efforts, skills and an ability to collaborate with our client base and intermediaries to achieve the best possible outcomes."
Chair Bruce Farquhar, who took over from Robert Carr during the year, added: "Anderson Strathern enters 2018 in a position of strength with pre-eminent offerings in private client, commercial and public sectors. The firm also displayed its entrepreneurial credentials in 2017 with the launch of [commercial claims company] Alba Claims and we are looking to build on these strengths in the year ahead."