Dundee headquartered legal firm Blackadders has reported a “significant” increase in profit amid a company shake-up resulting in the loss of 40 jobs.
The firm, who recently moved its Dundee operations to DC Thomson’s Meadowside building, scrapped its estate agency service, reducing total headcount for the company from 220 to 180.
Profit before members’ remuneration and profit shares was £4.61 million to March 2024, up from £4.35m the year before.
The combined turnover for Blackadders LLP and Blackadders Wealth Management LLP was £16.9m, up from £16.7m in 2022-23.
Partners said the move to the new office had been “emotional” but would allow the company to focus on its “5 by 25” strategy prioritising increased profit and cementing its position as one of the top legal firms in Scotland.
Blackadders cuts estate agency wing
After a board-level review, Blackadders said it took the decision to drop its estate agency department and would instead engage external companies to carry out its residential property services.
This was part of a wider consolidation in its offices in Glasgow, Edinburgh, Aberdeen and Dundee.
And as such, the headcount went from 220 staff to 180 across the business.
Ryan McKay, joint managing partner, said: “This has been another strong performance by the whole team.
“We have used resources to ensure we are an employer of choice within the profession by improving staff reward and investing in the best offices and technology.
“This is money well spent and will ensure we are better positioned for the predicted further growth the firm will enjoy over the coming years.
“We have continued to review our operations across the firm to target areas of growth and to realise efficiency savings where appropriate without compromising quality of service.
“This will remain our strategy and performance indications for the current financial year remain strong.
“Another key aspect of our improving performance has been better and more true billing.
“Understanding the real value of our work to clients as well as regular and clear billing has helped increase turnover.”
Meadowside move
For its “5 by 25” ambitions, Blackadders has set ambitious goals, including increasing turnover to £25m and achieving a profit margin of 35%.
They also want to be considered an “employer of choice”, be regarded as a “destination lawyer” by clients and secure their position as one of the top five legal companies in Scotland.
On the move to Meadowside, Mr McKay added: “There is no doubt this was an emotional but necessary move for everyone.
“The new office is a more flexible and comfortable place to work.
“It is also a more energy efficient and sustainable environment.
“Being in a new home with open plan working has already made it a much more vibrant office atmosphere for everyone.”
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