Dundee law firm Thorntons has added more than 80 new staff as it reported a 10% rise in sales to returned to pre-Covid levels.
The firm also saw its turnover and operating profits increase by more than 10% from the previous year.
Sales for the year to May 2022 were up 12% to £34.9 million while Thorntons also reported operating profits of £10.1m.
The results cover Lesley Larg’s first full financial year as managing partner. She took over that role in June 2021.
Thontons return to pre-Covid figures
Ms Larg said: “We were on this trajectory pre-Covid but with all the uncertainties that the pandemic brought, we hoped and planned to be back at these levels.
“We had laid a lot of the foundations then we had to grapple with the Covid years, so seeing these results is really great.
“Our resilience through Covid has provided us a strong platform for sustainable growth.
Thorntons also added three partner teams from MacRoberts, while there were with Dundee firm Kim Barclay Solicitors and Edinburgh practice Stuart and Stuart WS.
“The acquisition of three very successful law firms has only strengthened our offering as a business and the results show growth from all our teams.
“They also highlight the progress of our five-year strategic plan which focuses on organic, sustainable growth in markets where we have industry-leading expertise.”
That grew the company’s headcount by 45, and Thorntons added 82 new jobs over the year.
Ms Larg, who is from Dundee, hopes the firm’s new office on Glasgow’s George Square will open by the end of next month, adding 30 more staff.
She added: “A couple of years ago we took serviced office accommodation and we’ve got 30 people now in Glasgow.
“There became an urgency to find a permanent office, and the space could allow us to double our headcount.”
Resilience to tackle challenges ahead
And while there are challenges – including huge energy bills – Ms Larg believes there are encouraging signs.
She also said the Dundee-based business is looking to expand further, potentially creating more jobs across its sites.
“Because we are a full-service firm, it gives us that resilience against different market conditions,” Ms Larg added.
“The current financial year will show that story of strong and sustained growth but it has been a challenging year for certain pockets of the business, but all of them are now in a good place.”
Ms Larg also said she sees opportunities, particularly in the property market.
“In the residential sector fixed rate mortgages have been improving across the first quarter of this year.
“Annual investment volumes in Scottish commercial property continued their upward trajectory in 2022 to the highest since 2019. That suggests a shallower recession than many feared.
“Our commitment to working in close collaboration with our client base, delivering the highest quality of advice and our investment in our people, will ensure the firm continues to flourish.”
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