SCOTTISH law firm MacRoberts has reported a modest rise in profits after its workload surged following the independence referendum.
The Edinburgh-based firm lifted profits before members’ remuneration and profit share to £6.18 million in the year ended April 30 – up 1.3 per cent on the previous year.
Seven new partners came on board, taking the total to 47, while its total headcount grew by 18 per cent across the board – nearly double its target for the year - to 240.
Managing partner John Macmillan said the return of confidence to the business community once the uncertainty caused by the referendum had lifted was reflected in the firm’s second half performance.
He highlighted the release of “pent-up energy” immediate aftermath of the vote, which saw the firm pick up a strong flow of work in the construction and commercial contracts sectors between October and April.
That came after business activity had trailed off in the four to five months before September 18.
Mr Macmillan said: “Our winter was exceptionally good. We did find that the four or five months up to the referendum were flat, but the second half was terrific. Coupled with the investment we have been making we are really delighted with the result in context.”
He added: “There was a surge in new stuff really from October last year right through to April - we saw some really good progress. It all seemed to come back from October onwards.”
MacRoberts lifted turnover by two per cent to just under £18m.
And Mr Macmillan flagged that the current expectation was for a further increase in turnover of between 10 per cent and 15 per cent in the current financial year.
He noted that introducing seven new partners in the last year has allowed the firm to broaden the range of services it can offer clients. This includes a move into corporate defence, which is run by an 11-strong team.
The recent hires include seven from DWF, including transport and parliamentary lawyer Neil Amner, with Mr Macmillan noting the team are especially strong in sectors such as energy, transport and maritime.
Other arrivals include Martin Sales, who specialises in the extraction industries, and John McGovern in corporate defence.
Asked if the firm would consider making acquisitions to expand, Mr MacMillan noted that MacRoberts had not completed many deals in its long history.
He said: “One of the joys of that is you keep your culture and your management and the style of the place very easily, but our board is very determined that if the right opportunity comes we will be looking at it with a studied eye.”
Mr Macmillan added: “We won’t rock that boat unless there is a very good reason to do it. If there is one we will embrace it.”
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