Brexit vote boosts Morton Fraser income

Law firm Morton Fraser has today announced a year-onyear jump in revenues, pointing to “several positive outcomes” from the Brexit vote.

The independent business, which has offices in Edinburgh and Glasgow and more than 270 staff, said income was up by 2.5 per cent from the previous year, and by nearly half in the last four years.

Profits have risen by 78 per cent over the last four years, again reaching £7 million this year, having “consolidated its recent growth with a year of increased annual billings, major investment in IT and some key hires”. Annual billings in fact amounted to almost £20m for the year to April.

Chief executive Chris Harte said: “We are building sustainable, long-term success here.”

Regarding the Brexit vote, the firm said positive consequences have included a “notable” increase in corporateandpropertytransactions in Scotland.

On the corporate side, Harte flagged particular growth in the technology and life sciences sectors, with the business having acted for many overseas investors looking to capitalise on the drop in the value of sterling. "This includes acting in the sale of Scotland’s largest sporting estate; Scotland’s largest-ever single-asset logistics deal; and the purchase of Heartlands, one of the country’s largest regeneration projects… there are more of these deals in the pipeline.”

Elsewhere in the Scottish legal sector, it was revealed last week that Maclay Murray & Spens (MMS) is to merge with Dentons, the largest law firm globally by number of lawyers. 0 CEO Chris Harte points to further deals in pipeline