Turnover boost for Ledingham Chalmers

Results for 2013-14 at Ledingham Chalmers, the Aberdeen-headquartered legal firm, show an 18% jump in turnover to £11.6m, the firm reported today.

When the figures for its subsidiary Golden Square Wealth Management are added in, the group had a total turnover of £12.4m, up 15% on the previous year.

Ledingham Chalmers, which has offices in Aberdeen, Inverness, Stirling and Edinburgh, noted an increase in activity in the past year for corporate work, litigation and private client services.

Group costs rose by £500,000 to £7.7m, predominantly accounted for by personnel costs, including £131,000 for staff payments as part of the profit-related pay scheme. The firm added five new partners during the year.

Chairman Jennifer Young said the figures represented the firm's strongest performance since converting to LLP in 2006. “These financial results are evidence of our continued, steady year-on-year growth since the firm broke the £10m mark in 2012", she commented.

“It was a strong year in the commercial market, with a large number of transactions in the corporate field. Additionally there was a continuous requirement for advisory services to businesses, which includes dispute management and resolution.

“Risk management has been a common theme with clients, particularly in protecting assets including people and/or intellectual property and IT.

The firm relocated its Edinburgh office to larger premises on George Street in June this year. “Our Edinburgh office has also seen uplifts in activity in work for insurers and self-insured clients on commercial issues such as the enforcement of bonds and economic loss claims", Ms Young observed. The firm’s full service model continues to serve us well, as demonstrated by the strength of our private client services team.

“Our strategy for driving the business further forward has been, and continues to be, focused on long-term sustainability rather than short-term gain.”

She added: "Skills shortages within the profession remain a concern, particularly with the opportunities that are open to the next generation of lawyers to diversify within the private sector. This is not new in the Aberdeen market, but is perhaps more acute at the present time, as the demand for talent grows.

“It is our view that corporate, litigation and private client services will continue to grow throughout 2014 and into 2015. In Aberdeen particularly, the commercial market is showing no signs of slowing.”