LAW firm Burness Paull has seen its turnover rise above £50 million for the first time while also booking an increase in profits.
The firm, formed through the merger of Burness and Paull & Williamsons in December 2012, said the financial performance had been strong across a number of its key practice areas while also highlighting a growing international portfolio of work.
New clients included Weir Group, Sky, Linn Products and the Harris Tweed Authority.
The corporate finance team advised on a record number of deals in the year with the aggregate value of transactions topping £20 billion.
That included advising Dea on a £7.6bn joint venture with BP, working for KKR on FanDuel’s £176m fundraising round and also on Savannah Petroleum’s flotation on the Alternative Investment Market.
Burness Paull said it had also seen strong growth in its banking, property, dispute resolution, projects and employment teams.
The employment practice was said to have advised a number of oil and gas employers looking at restructuring as well as helping FirstBus change its holiday pay structure.
The banking team worked for Santander on its refinancing of Robertson Group and for Liberty of London on its refinancing with HSBC and Barclays.
In property the firm advised Stewart Milne Group on its proposals for 3,000 houses at Countesswells near Aberdeen, the largest project undertaken by the builder in its history.
Turnover at Burness Paull in the year to July 31 grew 11 per cent from £46.3m to £51.3m with profit rising 12 per cent from £16.5m to £23.2m.
Chairman Philip Rodney said all staff are getting bonuses equivalent to 7.5 per cent of their salary.
He said: “We have an amazing team of people here and our success is down to their energy, enterprise and expertise. It is only right that everyone in the firm benefits.”
Mr Rodney pointed out the combined turnover of the firms at the time of the merger, when Burness had offices in Edinburgh and Glasgow while Paull & Williamsons was based in Aberdeen, was £37.6m.
He stated the performance of the combined entity has outstripped expectations and said: "The year to 31 July 2015 has not just been successful in terms of our financial performance.
“We have also increased our market share as a result of being instructed by some new and significant clients including the Weir Group and Linn Products.”
Mr Rodney said a “transitional phase” following the merger has now been completed and Burness Paull is now working on a “dynamic” growth plan.
He said: “This will see significant recruitment, including senior lateral hires together with increased profile and business in our key international markets, North America and Norway.”
The firm has also set up the Burness Paull Foundation to support the charitable efforts of its staff.
Mr Rodney said: “As a successful business, we have always recognised that we have a responsibility to contribute to our community.”
The firm employs 410 staff and 58 partners across its offices in Edinburgh, Glasgow and Aberdeen.
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