Strong growth for commercial firms

Semple Fraser and Harper Macleod announce big turnover gains for 2005/2006

News, 12 June 2006

Two leading Scottish commercial law firms have announced record profit growth in the last year.

Marking its first year as a multi-national partnership, Semple Fraser's annual fee income for 2005/2006 was £13 million. This represents a 20.7% rise on last year’s figures and three consecutive years of 20%+ growth for the firm.

In 2003/2004 Semple Fraser’s fee income was £8.7 million and in 2004/2005 it was £10.8 million.

Last year's deals for the 24-partner firm include representing Donegall Place Investments in the purchase of Edinburgh’s St James’ Centre - one of the largest recent deals of its kind in Scotland and winner of Scottish Property Awards ‘Deal of the Year’. Semple Fraser also advised on the subsequent sale of the property.

Semple Fraser's environment team has also won a second appointment from the European Commission, this time to provide an EU compliance review of environment legislation in Latvia, Lithuania and Ireland.

Alister Fraser, Semple Fraser's managing partner, said: “It’s testament to the entrepreneurial flair of our clients and the energy and enthusiasm of our people that the firm can celebrate yet another year of significant growth.

Meanwhile, Harper Macleod saw turnover increase 30% in the year to 31 March to £10.4 million, with profit per equity partner rising 36% to £240,000. Its projected turnover growth for this year is in the 7-13% range achieved by comparable firms, and a major expansion of the Glasgow office is also planned.

Harper Macleod's real estate team's turnover was up 40% in the last year alone. Other rapid growth areas were corporate and commercial, litigation and debt recovery.

Managing partner Lorne Crerar said the firm had experienced a very low turnover of fee-earning staff, a fact he attributed to the firm's strategy to be an "employer of choice". This had given Harper Macleod stability during the period of high growth and allowed it to deliver a quality service.