The Press and Journal (Aberdeen and Aberdeenshire)
Law firm’s profits down
Ledingham Chalmers suffered a fall in profits and turnover during its 2016-17 trading year but the overall performance was better than expected, the law firm said yesterday.
Aberdeen-based Ledingham Chalmers said its latest figures were “broadly similar” to the previous year, while beating forecasts that were impacted by the oil and gas downturn as well as ongoing economic and political uncertainty.
Group turnover for the 12 months to March 31, 2017, including from subsidiary Golden Square Wealth Management, was down by £800,000 year-on-year at just over £11.5million.
Pre-tax profits during the latest period came in at £3.4million, down from £3.8million previously.
Ledingham Chalmers, which has offices in Aberdeen, Inverness, Stirling and Edinburgh, said its average remuneration per partner in 2016-17 was £132,545, compared with £137,856 the year before.
Chairman and partner Jennifer Young said: “Like many of our competitors, we’re not immune to the difficulties faced in the regions and sectors in which we operate.
“That said, importantly,
“Somany colleaguesbeing singledoutfor theiraccessible legalsupport”
we delivered ahead of budget, albeit one that was more conservative than we’ve seen in recent years.
“We’ve continued to focus on laying the foundations for sustainable growth and have concentrated on providing what we know is a valuable service to clients, with the SME (small and mediumsized enterprise) sector an area of particular focus with high potential for our firm.”
Chief executive Brian Hay added: “Many parts of the business have seen broadly similar levels of activity, compared with last year.
“Notable areas of delivery for the firm have been in commercial property and private client services, with robust performances returned in all areas in which we operate.”
The firm, which has 29 partners and 140 staff, said it continued to attract significant external recognition. A total of 31 of its lawyers were recognised in the prestigious Chambers and Partners and Legal 500 directories for 2017, an increase of 10 on the previous year, while 12 practice areas were ranked.
Mrs Young said: “It is gratifying to see so many colleagues being singled out for their pragmatic and accessible legal support coupled with high standards of delivery.”