Dundee-based Thorntons has declared that its financial performance has returned to pre-pandemic levels following a “significant year” for the law firm.
The firm has this morning reported an 11 per cent rise in operating profit to more than £10 million for the year to May 31, 2022, with turnover up 12% to £35m. The results covered the first full financial year under Lesley Larg, who became managing partner in June 21.
Thorntons, which employs more than 500 people across 13 Scottish offices, said trading across all legal and estate agency areas remained strong following the easing of Covid restrictions. And it highlighted the contribution of three acquisitions: three partner teams joined its Dundee team from MacRoberts and there were mergers with Kim Barclay Solicitors and Stuart & Stuart.
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Since year-end, the firm has unveiled a new office on Glasgow’s George Square as part of its expansion drive in the west of Scotland.
Ms Larg said: “It has been a very significant year for the firm which has seen our results return to the double-digit growth we experienced prior to the pandemic.
“The acquisition of three very successful law firms has only strengthened our offering as a business and the results show across-the-board growth from all our teams. They also highlight the progress of our five-year strategic plan which focuses on organic, sustainable growth in markets where we have industry-leading expertise.”
The firm said this morning that it had created an additional 82 jobs over the period. Twenty new trainee solicitors became fully qualified and 38 internal legal promotions were awarded, including seven new partners.
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And the firm has continued growing its headcount in recent weeks, including the addition of two partners to its commercial real estate team last month. That followed the appointment of three partners at the start of the year.
Ms Larg said: “These results underpin our commitment to our strategic growth plan and the quality and commitment of people we have here in Thorntons to deliver our aims.
“Looking forward, we have a number of very exciting opportunities on the horizon including the opening of our new Glasgow office and the job creation it will bring, including some posts which we have already filled with the strategic appointment of two new commercial real estate partners based in the city. We are hopeful of being able to announce some other senior hires across our geography in the coming months.
“We are not naïve to the current economic climate, however, with energy bills at record highs, creating rising costs as we move back into the office.
“However, we are seeing encouraging signs in many markets, including property where in the residential sector fixed rate mortgages have been improving across the first quarter of this year and in the commercial sector annual investment volumes in Scottish commercial property continued their upward trajectory in 2022 to the highest since 2019, suggesting a shallower recession than many feared.
“Our commitment to working in close collaboration with our client base, delivering the highest quality of advice and our investment in our people, will ensure the firm continues to flourish.”
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