Independent commercial law firm Burness Paull LLP is on track to meet the targets set out in its ambitious three-year growth plan according to its most recent financial results.
The firm has reported a strong performance in the financial year ending 31 July 2018 - securing a ninth year of consecutive growth. Buress Paull posted an annual turnover of £57.6M - up 7% from £53.8M the previous year. Profit is £23.8M - up 8% from £22M on 2016/17 - and as a result all eligible employees will receive a bonus of 5%.
The firm’s chairman Peter Lawson said: “We have delivered an excellent financial performance in what has been a choppy year for the Scottish economy. There will undoubtedly be more challenges to come as a result of the uncertain political and economic backdrop. However, there will also be opportunities for those who are prepared to be bold and adapt.”
The company has a three-year strategy aimed at delivering growth across its Aberdeen, Edinburgh and Glasgow offices, working with clients across Scotland, the UK and internationally.
Lawson said: “Scotland continues to produce exciting, dynamic businesses. Our international clients also tell us it is a cracking place to do business and is increasingly attractive for inward investment – more so than any region outwith London. Our future-facing global strategy involves a constant flow of focused trade missions. Every week we have boots on the ground in our key territories of US, China, Norway, Canada, India, Germany and Israel, which gives us genuine intimacy with those markets.
“These excellent results support our strategy of combining in-market focus with global reach. Clients want to work with market-leading specialists, who are regularly transacting across the jurisdictions they operate in, to form cutting-edge partnerships. That’s our sweet spot.”
An increase in new business has seen the firm grow by almost 5% over the past 12 months, with 23 new members of staff taking the overall number of employees to 505 - of which 317 are lawyers.
Mr Lawson added, “The changing geo-political situation and the impact of the technological revolution will generate enormous changes in the way business is conducted. Analysing the problems and the opportunities will be one thing, creating solutions will be another. We are already embracing this.
“Nurturing talent and attracting top performers from other firms is creating an environment in which people at all levels feel empowered to contribute to the growth of the firm. Six recent partner appointments, including the lateral hire of restructuring specialist Michael Thomson from Pinsent Masons, and internal promotions in financial services, corporate finance, banking and employment are testament to the effectiveness of our developing leaders programme. We are also pleased to be able to retain 23 newly qualified lawyers in the firm, representing a Newly Qualified retention rate of well over 90%.”
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