LAWFUEL – The Legal Newswire – Good news for Scottish law firm Ledingham Chalmers who today announced “impressive” maiden results as a limited liability partnership, establishing the firm among the mid-tier law firms in the country, the Scotsman reports.
The average profit per member for the year to 31 March was £146,000, based on turnover of £7.9 million. Pre-tax profits came in at £3.24m, with personnel costs accounting for £3.1m, or 39 per cent of turnover.
Chairman David Laing, pictured below, said: “While it does not represent the actual take home pay of an average partner, [the average profit per member] is significant as an indicator which is commonly used to measure the health of law firms.
“We are justifiably proud of our average which compares favourably with many of the large firms across Scotland.”
The results came just over a year after the company lost its oil and gas team, comprising 12 partners and dozens of support staff, to rival McGrigors. But just last month, Ledingham Chalmers increased its partner count to 25 as Marion McDonald took up her post in the firm’s Aberdeen office. She is accredited by the Law Society of Scotland in both family law and commercial mediation.
Turnover came in broadly equal shares from the four traditional work areas of commercial property, corporate/commercial, litigation and private client.
All three offices in Aberdeen, Edinburgh and Inverness reported – and continue to report – steady growth and successful performance.