Morton Fraser on track with annual results

Law firm Morton Fraser has reported continuing growth in its financial results for 2015-16, in line with its strategy.

Revenue increased by 7% to £19.37m and profit by 8.5% to pass £7m in the year to 30 April. With turnover up 42% in the last three years, the firm expects to break the £20m mark in 2016-17.

Morton Fraser’s performance-related bonus scheme will reward staff with up to 10% of their annual salary. It now employs more than 270 people in offices in Edinburgh, Glasgow and London.

The firm said growth had been strongest in its commercial real estate, corporate, and banking & finance servicess, but had seen revenue increase across all areas of the business.

Chief executive Chris Harte commented: “The Scottish legal market has seen real change in the past three years, but our results show there is still scope for independent firms to thrive.

“We are winning business from London where UK and international firms are seeking a Scottish thoroughbred with an in-built understanding of the legal market here. Our position as an independent Scottish firm has certainly supported that drive. We are also benefiting from the demand in the domestic market for clear, tailored advice – and that plays to our strengths.”

The firm has introduced a "commitment to clarity", driving client relationships from initial communication to the way advice is shared and used. It includes a promise that clients do not have to pay bills that do not match their expectations.

Mr Harte added: “Most clients tell us that, in addition to first-rate technical and sector knowledge, they want clarity on costs and advice. No surprises on fees and no sitting on the fence."