By Ian McConnell

Business Editor

SCOTTISH law firm Burness Paull yesterday reported a seven per cent rise in profits to £35.7 million, which it said had triggered an all-staff bonus.

Turnover in the year to July 31, at £78.6m, was up 9% on the prior 12 months.

Burness Paull said the all-staff bonus would see employees, in addition to performance-related bonuses, receive a payment worth the higher of 5% of their annual salary or £2,500.

The firm flagged as the biggest contributors to revenue what it described as its “longstanding strengths in corporate finance, real estate, banking, funds, dispute resolution and employment”.

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Burness Paull added: “This was supplemented by strong growth in areas such as technology, restructuring and insolvency, tax, and public law.”

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Peter Lawson, who chairs Burness Paull, said: “This is a strong set of results, particularly in the face of economic headwinds arising from global inflation and the conflict in Ukraine during the second half of our reporting period.

“It’s a challenging environment for the entire business community and our investment in talent is all about our capacity to add value where it matters most. Technology, ESG (environmental, social and governance), financial regulation, immigration and public law are all examples of where the regulatory and risk burden on our clients is increasing, and where we are providing increased levels of advice.”

The law firm employs around 600 people, including 86 partners, across its offices in Edinburgh, Glasgow and Aberdeen.

Mr Lawson said: “Attracting, developing and retaining the right people is key to our ability to service clients. We want to make sure our people are well remunerated for the work they do, which is why the all-staff bonus is important.”

He added: “Our strategy and the results of the last few years put the firm in a strong position, and we look forward with optimism and a readiness to support our clients to navigate the changing economic and business landscape.”

Burness Paull flagged its roles in advising Incremental Group on its acquisition by Telefónica Tech in a transaction worth up to £175m, and in acting for STV during the broadcaster’s divestment of its external lottery management business, which manages The Scottish Children’s Lottery.