Managing Partner of Innovative Firm of the Year talks 35% profit bump and eyes Glasgow expansion

The managing partner of leading Scottish full-service law firm Thorntons reveals the company's remarkable growth as record £12.4m profits are announced, writes Journal Editor Joshua King

The Dundee-headquartered firm recorded a 16% increase in turnover with gross income growing to almost £44m for the financial year to May 2024, compared with £37.8m the previous year.

Profits jumped 35%, rising to £12.4m compared with around £9.3m in the previous period - figures managing partner Lesley Larg described as a "positive growth trajectory".

Outside of strong financial results, Thorntons expanded to Inverness with its first office in the Highland capital including three partners. Similarly in Glasgow, the firm opened its first permanent office building on a history of city-based clients.

“After market uncertainty in the first half of the financial year, we experienced strong growth and progression across the business, standing us in good stead following change across the sector including consolidation and the loss of firms that could not survive the headwinds.

“Our people are key to our positive growth trajectory. Their client-focused approach and longstanding relationships, in some cases spanning generations, set us apart in the marketplace. I am incredibly proud of their achievements, and our unwavering dedication to our clients, people and the communities we serve.”

“More than six months into our next financial year, we are experiencing rapid growth and have welcomed new partners and others to the firm to be part of our exciting journey."

“We have plans to expand in Glasgow and continue to seek opportunities with individuals and firms that align with our culture and outlook."

“As a fully independent firm with strong foundations in place, we are confident about the future and our role as an accelerator for Scotland.”

Thorntons also bolstered its industry accreditations, re-entering The Lawyer's Top 100 UK Law Firms rankings after four year absence and boosting its ranking in the Legal 500 and Chambers and Partners Guide.

It recently announced a strategic merger with Perthshire and Stirlingshire firm, Macnabs, which will broaden services across the Central Belt.

And Thorntons is also helping to deliver a new Scottish legal technology hub in Dundee and continues to adopt AI to streamline client services. It was recognised for its pioneering approach to emerging technologies with an Innovative Firm of the Year award at the Legal 500 Scotland 2024 awards