Shepherd & Wedderburn marks 250th birthday with best results
Independent Scottish legal firm Shepherd & Wedderburn has reported record revenues and profits for its year ending 30 April 2018, as it celebrates its 250th anniversary.
It was on 6 July 1768 that David Stewart was admitted as a Writer to the Signet and set up practice in Edinburgh, and Shepherd & Wedderburn can trace an unbroken line from then, taking its modern name in 1922 with the merger of the firms of Guild & Shepherd and Carment, Wedderburn & Watson. Today it has offices in Edinburgh, Glasgow, Aberdeen and London, with 78 partners, 190 other lawyers and professional advisers, and 189 support staff.
To coincide with its anniversary, the firm today announced revenue for the 2017-18 financial year up 6% to £53.5m, and profits before partner distributions up 10% to £22m.
In the previous year both figures took a dip after two strong years ending in 2015 and 2016, but the latest results better those achieved in 2015-16.
The firm said its performance was the result of sustained investment in client services, including artificial intelligence and document automation products; growing international activity – it is currently advising clients in more than 100 jurisdictions – a record year for its London office; and strong demand across its sector and practice groups.
Its results mean that all eligible staff will receive a 4% firm-wide bonus – along with an extra day's holiday to mark the anniversary.
Chief executive Stephen Gibb commented: "This has been a busy year for our lawyers and our clients, and we are pleased to report record income and profits.
"Despite uncertainty over the outcome of Brexit negotiations and global macroeconomic trends, our UK and overseas clients have continued to be active, particularly in sectors in which we have market-leading expertise such as clean energy, real estate, construction, food and drink, technology and regulation.
"The fall in the value of sterling following the Brexit vote, coupled with the fact that we have a highly-skilled and educated workforce, highly innovative businesses and world-leading centres of innovation, has meant that Scotland continues to be the second most attractive target for UK inward investment outside London and the south-east of England. As a result, we remain cautiously optimistic about the year ahead."
Commenting on the firm’s 250th anniversary, he added: "As well as celebrating the many milestones we have achieved with our clients, we have our eyes set firmly on the future. We have commissioned the University of Strathclyde’s Fraser of Allander Institute to undertake a major research project to help Scottish businesses, organisations and entrepreneurs best position themselves for the years ahead. We will use fresh insights drawn from economic data and long-term global growth forecasts to inform a conversation with our clients and key industry contacts, which will help identify how they – and Scotland – can mitigate the challenges and seize the opportunities against the backdrop of a rapidly-evolving global economy."
An interview with Stephen Gibb will be published in the July Journal.