Mergers fuel growth at Thorntons

Tayside based legal firm Thorntons has reported a big increase in turnover, partly due to merger activity.

Revenues in the year to May 2015 rose by 22.7% from £16.3m to £20m, due to organic growth alongside the acquisition during the year of Fife firms Steel Eldridge Stewart and Murray Donald.

Profits were marginally ahead at £4m, a 0.69% increase, due to operating expenses associated with the mergers.

Craig Nicol, joint managing partner, said that the mergers had increased the size of the business significantly.

“Though continuing investment and the costs associated with mergers have impacted on our short-term profitability, our commitment to improving the efficiency of our operational processes will ensure increased profits and stability in future years", he commented.

“The commitment demonstrated by the entire Thorntons team to providing the best possible service to clients has ensured that our business has remained resilient."

The firm currently has 39 partners and a total workforce of around 420, and now has offices in nine different towns and cities.