Ledingham pays cost of living bonus on back of results

Ledingham Chalmers is to pay its staff a £1,200 cost of living bonus, the Aberdeen-headquartered legal firm announced as it unveiled its 2021-22 financial results.

Each member of staff employed on 10 October 2022, and not serving notice, will receive a one-off payment of £1,200. Ledingham Chalmers has set aside £200,000 to provide this support, part of a £400,000 pot for staff which also includes discretionary bonuses and the performance related pay ("PRP") scheme.

In 2021-22 the firm achieved its highest turnover – £12.8m – since becoming a limited liability partnership in 2006. Including subsidiary Ledingham Chalmers Financial, group turnover reached £13.6m, compared with £12.3m in 2020-21. Group profit rose to £4.1m from £4m the previous year.

Ledingham Chalmers said the results followed a strong performance across the board, including in the staple corporate and commercial practice areas, as well as rural and private client.

Last year, Ledingham Chalmers announced its goal was to double its turnover to £25m by 2025.

During the year the firm’s charitable trust donated £13,000, including £7,000 to recognise colleagues’ efforts to mark its 30 years in business.

Managing partner Jennifer Young commented: "Everyone is dealing with a rising cost of living, and we haven’t underestimated what that means for our colleagues, so it’s important we take steps to provide as much support as we can.

"That’s why, as well as these bonuses and PRP payments, we’ve benchmarked salaries against the marketplace and are reviewing our wider benefits package."

She added: "The market is changing dramatically, client demand is evolving, and also how we deliver legal services is changing. So, it’s going to be an exciting time for the firm. The exceptionally competitive marketplace for recruiting, winning, and retaining business is certainly a challenge, but one I think we’re more than up for."