Morton Fraser announces growth figures for latest year

Law firm Morton Fraser has announced healthy growth in its figures for 2014-15.

Turnover increased by 8% to £18.3m, while net profit was up by 20% to £6.6m. In 2013-14, big increases in both revenue and profit were attributed to it being the first full year after the merger with Glasgow practice Macdonalds. Like-for-like growth was put at around 8% then also.

Morton Fraser said the positive figures "reflect the firm's strategy and commitment to full transparency and clarity in billing arrangements with clients, which has helped deliver a strong balance sheet to support further investment opportunities".

There were new client wins in key markets including commercial real estate, private client and public sector. The firm made 10 new partner promotions, half of whom were female, bringing the partner total to 45, almost one third of whom are female.

Employees will receive a bonus of up to 9% of annual salary.

Chief executive Chris Harte commented: “Over the past year we have seen success on a number of fronts, from increased turnover and profit, to a strong balance sheet and new client wins in our key sectors. We're also continuing to invest in building the right team and we see our support for flexible working as really assisting us in that.

"Alongside driving growth, we're pleased to have ended the year debt-free and with cash in the bank, making us well placed to implement our investment plans over the medium to long term.”

He added: "We believe that we can continue to thrive as an independent firm by listening to our clients and delivering the services they need in the way that they want." 

• Also reporting strong figures is Anderson Strathern, in its half year results to the end of February, which show turnover up 8% and net profit up 13% on the previous year.