Chris West of Gillespie Macandrew
Independent Scottish law firm Gillespie Macandrew LLP has reported an 8.4% increase in turnover, worth £0.88m in growth over the year.
The audited annual accounts show that the firm’s turnover reached £11.36m in the year to 28 February 2017. This represents the fifth successive year of growth for the firm and the largest single year increase in the firm’s history.
Profits reduced by 2.9% from £2.86m to £2.77m in the year, following record profit growth of over 18% the previous year. The firm has no external debt.
Over the year the Gillespie Macandrew has invested in its future by expanding its offices outside the Capital and making a number of new appointments, including additions to its partner group with two lateral hires, two internal promotions in September 2016 and a further two in March 2017.
Gillespie Macandrew chief executive, Chris West, said: “We are very pleased with the top line growth of over 8 per cent in a very competitive market. Following the record profit growth in 2015/2016 we budgeted for a lower profit in the past year as we had planned a number of investments.
“We have increased our staff numbers, taken additional space for growth in our Perth and Glasgow teams, continued our Associate development programme and launched an all-staff bonus linked to the performance of the business as key elements of that investment, along with commencing the streamlining of our processes and updating our use of technology.”
Chair Fiona Morton added: “We have had another strong year of organic development in the business and have made good progress on our strategic aims, positioning us well for sustainable growth. We continue to invest in all of our people and to develop their skills, underpinning the next phase of our progress.
“The partners strongly believe in the need to develop the business for the medium rather than the short term to make sure we continue to provide our clients with the quality and responsiveness of service that they want. The changes in the legal services market have never been at a faster pace.
"This is an exciting and dynamic place to be and we feel we are strongly placed to continue to compete and to enhance and grow our business in the year ahead and beyond.”