Ledingham Chalmers reports year of growth

Legal firm Ledingham Chalmers has reported increased turnover and profit for its last financial year.

Revenue for the year ending 31 March 2019 was just over £11.6m, compared with around £10.6m the previous year, while profits rose from £3.2m to £3.47m.

Group turnover, including subsidiary Golden Square Wealth Management (GSWM), was £12.1m compared with £11.6m in 2017-18. Profits were slightly down, at £3.5m compared with £3.6m, which Ledingham Chalmers said reflected investment in team expansion to support future sustainable growth.

The Aberdeen-headquartered firm added that its legal practice results reflected strong performances from teams including private client, litigation, corporate and commercial property.

Brian Hay, the firm’s chief executive officer, commented: "We exceeded our budget, which is great news, and, as we’ve said before, our focus is very much on the long haul: ensuring we continue to have the right people in place to carry on delivering what we know is a valuable service for clients, with the SME sector a particular area of focus.

"Looking ahead, we’ve revised the 2019-20 budget, mainly to reflect changes following the Simpson & Marwick Aberdeen deal, which saw the team join Ledingham Chalmers in November. And, with a quarter to go, we’re on track to deliver that 5% increase on last year’s revenue for the law firm.”

Chairman and partner Jennifer Young added: “We continue to be firmly established within the leading pack of firms of a similar size — and bigger — and are consistently commended for the quality of our people, as well as our sound, pragmatic guidance.

"Yes, the marketplace is constantly shifting, but for firms like us, with the appetite to adapt and respond to trends, and to align effectively with client needs, there are always opportunities."