The Press and Journal (Aberdeen and Aberdeenshire)
Law firm profits hit by oil and gas decline
Results: Turnover on course with past years
Profits dipped at Ledingham Chalmers as the Scottish law firm admitted it was “not immune” to economic difficulties including the oil and gas downturn.
The firm, with offices in Aberdeen, Inverness, Stirling and Edinburgh, said that while group profit fell to £3.8million from £4.3million in 2014-15, its turnover remained “broadly similar” compared to previous years.
The group said turnover for the year ending March 31, 2016, was almost £12.3million, compared with £12.5million and £12.4million in 2014-15 and 2013-14 respectively.
Chairman and partner Jennifer Young said: “During 2015-16, like our competitors and indeed our clients, we were not immune to the difficulties faced in the regions and sectors in which we operate.
“Mindful of, and sensitive to, this environment, and bearing in mind the competitiveness of the marketplace in terms of business and recruitment, we continue to focus on securing sustainable growth.
“And importantly these figures reflect investment in people, offices and infrastructure, as part of that long-term commitment.”
Brian Hay, the firm’s chief executive officer, said: “Many parts of the business have experienced broadly similar levels of activity to last year. And in fact we saw an increase in residential property market share, although the market itself – particularly in Aberdeen – remains slow. Uncertainty within the energy sector continues to impact the economy.
“Nonetheless, at the halfway point of 2016-17 work in progress is on course to deliver budget.”
The firm continues to focus on business development in growth sectors, including the SME market, while promotions over the past year include the appointment of Hazel Moir as partner, bringing partner numbers to 30.
Mrs Young said the firm continues to attract external recognition including in the Chambers and Partners and Legal 500 directories.
Ledingham Chalmers was ranked for five new practice areas in the Legal 500.
These included agriculture and estates, employment, and education: complementing long-standing rankings for commercial property, corporate and commercial, construction, commercial litigation, personal injury, and planning work across all four offices.
Mrs 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, and our sound, pragmatic and tactical guidance.
“This resonates particularly well this year, as we mark the 25th anniversary since Ledingham Chalmers came into being following the merger of C&PH Chalmers and Edmonds and Ledingham.”