Dundee-headquartered law firm Blackadders has produced the highest sales in its 250-year history.
The business, which also has branches in Aberdeen, Glasgow and Edinburgh, has reported its first financial results under its new management.
Emma Gray and Aberdonian Ryan McKay became joint managing partners in July 2022.
The newly filed accounts, for the year ending March 31 2023, show a turnover rise of more than £1 million.
The business showed revenue of £14.4m in the financial year, compared to £13.2m in 2022.
Profit before members’ renumeration and financial shares was £3.7m, up from £3.3m the previous year.
Meanwhile Blackadders’ wealth management business, which trades as a separate company, showed sales of £2.2m, with £691,770 available for distributions.
Plan to become ‘top 5’ law firm
The results follow the co-managing partners’ stating their desire to become a ‘top 5’ law firm in Scotland.
They have set a target of increasing sales to £25m a year by 2025-26.
Mr McKay said: “We are very pleased with the performance. It was a challenging year but we managed to make early progress on a number of reorganisation initiatives. This has shown through to the bottom line.
“Trading conditions continued to be challenged by the fallout from Covid, the cost-of-living crisis and global conflicts but we have been very clear in concentrating on delivering for our clients.
“By sticking to our values of service excellence, continuous improvement and our people, we have kept the focus of the firm on core activity.
“The understanding from our teams of the need to meet every challenge given to us by our clients has never been greater and this has been reflected positively in the financial performance.”
Blackadders improving sales and profits
Mr McKay said the higher profits was partly due to streamlining operations across the four offices.
Performance in the second half of the year was particularly strong.
The firm has brought in new systems and refreshed its branding.
Mr McKay added: “The new website reflects the trust we have in the quality and consistency of service being delivered across sectors by our teams.
“Given the impact of improved digital technology and the growth that artificial intelligence is already having on our sector, the board is constantly challenging the way the firm works and delivers its services.”
Blackadders, which can trace its roots to 1773, had 217 staff at the end of the financial year.
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