Independent Scottish law firm Morton Fraser is paying a record staff bonus and spending £1 million on new premises following a 40 per cent rise in net profits.
More than £600,000 will be shared among all of the firm’s 260 staff in Glasgow and Edinburgh, an increase of 50% on the previous year and 30% higher than in the year prior to the pandemic. Its new office hub in central Glasgow has been designed for “hybrid, collaborative working”.
“The pandemic reset everybody’s view of work-life balance," chief executive Chris Harte said. "We have responded to that by investing heavily in a place that aids collaboration and mental wellbeing while still providing the facilities needed for the rigours of legal work.
“People should enjoy coming to the office and we have worked hard to make it a place people want to, rather than have to, be. This is a great example of putting our people first, ensuring they have the flexibility and resources they need to flourish.”
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The investment comes after the firm reported 16% increase in revenues for the year to the end of April, which rose to £23.9m. Net profits rose by more than 40%, driven by an increase in transactional and private client services.
“Most in the service sector will have experienced a post-Covid bounce back,” Morton Fraser chief executive Chris Harte said. “What matters is how you respond to that improvement. For us, the main priority is our people, which is why we have modernised the way we work, so we can give people flexibility to make positive choices.”
The legal firm’s corporate and real estate teams both saw growth of more than 30% during the year. Meanwhile, the private client practice has grown by 50% since 2018.
Morton Fraser took on two Ukrainian lawyers during the year, offering both employment in Scotland. Mr Harte said many Scottish firms have tried to support Ukrainian lawyers since the Russian invasion earlier this year.
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