The managing partner of Dundee-headquartered law firm Thorntons says the company is experiencing “rapid growth” after record profits last year.
Newly filed accounts for the year ending May 31 2024 show revenue of £43.9 million, a rise of more than £6m from 2023.
Profits before members’ remuneration and profit shares were £12.4m, an increase of 35% on the previous year.
Last month, the business announced a merger with Perth firm Macnabs, which added five partners and 39 employees.
Acquisition opportunities
Lesley Larg, who became managing partner in 2021, said the strong growth has continued in the current financial year.
Future plans include expanding in Glasgow as Thorntons continues to look for more acquisition opportunities.
She said: “More than six months into our next financial year, we are experiencing rapid growth.
“We have welcomed new partners and others to the firm to be part of our exciting journey.
“We have plans to expand in Glasgow and continue to seek opportunities with individuals and firms that align with our culture and outlook.
“As a fully independent firm with strong foundations in place, we are confident about the future.”
Growing market share behind Thorntons’ profits surge
Thorntons said the financial success in the year was down to growing its market share in sectors like life sciences, renewable energy and technology.
It now has 73 partners and employs more than 550 people. Its 13 offices include three in Fife and three in Angus, its Dundee headquarters and a Perth branch.
During the year it moved into permanent offices in Glasgow and opened its first Highlands branch in Inverness.
The firm said it created 27 new roles across a range of legal and business service disciplines to secure the diverse skills required to operate a modern law firm. It has taken on 16 trainee solicitors for each of the last two years.
It is investing heavily in technology and its workforce, with what it describes as “industry-leading family friendly policies”.
Ms Larg added: “After market uncertainty in the first half of the financial year, we experienced strong growth and progression across the business.
“This stands us in good stead following change across the sector including consolidation and the loss of firms that could not survive the headwinds.
“Our people are key to our positive growth trajectory.
“Their client-focused approach and longstanding relationships, in some cases spanning generations, set us apart in the marketplace.
“I am incredibly proud of their achievements, and our unwavering dedication to our clients, people and the communities we serve.”
Conversation