Fast growing legal firm Thorntons has recorded further double digit growth in its latest results.
Turnover was up by 10.5% for the year to 31 May 2019 from £26.9m to £29.8m, while profits increased by 22.2% from £5.8m to £7.1m. In 2017-18 the firm saw turnover grow by 13.1% and profits by 14.6%.
Now listing 57 partners, Thorntons has gone through a series of strategic mergers and acquisitions since 2014 as part of a five year strategy. In March 2019, it acquired the Edinburgh operation of Morisons LLP, including eight partners and 15 employees, after that firm entered administration.
Other significant investments included its first Glasgow office and larger premises in Edinburgh. The full service firm now has 11 offices across Scotland and employs over 500 people.
Managing partner Craig Nicol commented: “Our 2018-19 results represent a record year and underline the success of our strategy for sustained growth across our business. Over the past few years, Thorntons has clearly demonstrated our commitment to investing for the long term and we are now firmly established as one of Scotland’s leading law firms.
“The acquisition of part of Morisons has added significantly to our commercial offering in Edinburgh and Glasgow. We are delighted with the positive integration of the Morisons team and clients into Thorntons. Exceptional costs of the acquisition have been recognised this year; however profits have also risen by 22.2%.
“Notwithstanding Brexit uncertainty, we are seeing further growth in this current year and our commitment to continuously improving our service to clients is core to our success. Improving the efficiency of our operational processes is also a key focus and will drive future levels of service and profitability.”