Legal firm Thorntons is setting out plans to drive forward the business following a managerial reshuffle.
Scott Milne and Craig Nicol took over as the 154-year-old company’s first joint managing partners this week, and the pair are hoping to exploit new markets as they look to grow the business.
The company employs around 270 staff across its five offices in Tayside and Edinburgh and turnover was in excess of £13m last year.
Mr Milne said the firm had moved to make changes ahead of the introduction of new legal legislation in Scotland next year which will open up the sector to new competition.
He said Thorntons which has its headquarters at Whitehall House in Yeaman Shore needed to be placed to take advantage of the opportunities available while being strong enough to defend its core business interests.
”It is a challenging time for lawyers as a whole,” Mr Milne said. ”The introduction of the Legal Services Act in Scotland from 2012 is going to see new entrants in the market and the possibility of multi-disciplinary practices where architects will be able to throw in their lot with lawyers and surveyors.
”What we are trying to achieve is penetration of markets that we are not currently hitting. At the moment we are constrained by our geographic presence we are strong in Tayside and have a presence in Edinburgh but we want to expand our online footprint to the whole of the UK.”
Mr Milne said Thorntons will be focusing on building its investment services, intellectual property and online businesses and said the long-standing property division which has been hit by a downturn in the sector during the recession will remain a major string in the company’s bow.
The new joint managing partners have been appointed for five years and Mr Milne said he expects to see the company’s payroll and revenue streams increase significantly in that time.
He said: ”The firm is broadly based and multi-faceted but we are going into a period of rapid change and we want to be fleet of foot. We hope to be able to pick up business from other firms, but at the moment we are fairly fully stretched so any growth will have to be serviced by growth in staffing.
”I imagine that to grow the top line we will definitely need to add to the (staffing) resource we have.
”We used to be a £4m to £5m company and we are now a £13m to £14m company. Over the last six months we have won several new contracts in a tender situation, which is something we have never really done before.
”We are adding to our business in that way, we are adding to the private client and business law area and our corporate teams are winning business litigation continues to grow.”
The new top team replaces outgoing managing partner Nick Barclay, who has led the business since 2003. He is to resume his role as a partner in the private client department.
Mr Milne said: ”Nick has held the post of managing partner since 2003 and has steered Thorntons through one of its most difficult periods. His counsel and experience will be invaluable.”
The other managerial changes at the firm include Clare Macpherson leading the litigation team and Lesley Larg becoming head of business law.