Burness Paull has reported annual turnover up 9% to £78.6m and profit rising 7% to £35.7m for the year ended 31 July.
This performance has triggered an all-staff bonus that, in addition to performance-related bonuses, will see employees receive an additional payment worth the higher of 5% of their annual salary, or £2,500.
The biggest contributors to revenue were corporate finance, property, banking, funds, dispute resolution and employment. This was supplemented by strong growth in areas such as technology, restructuring and insolvency, tax and public law.
Notable activity included advising Incremental Group on its acquisition by Telefónica Tech in a transaction worth up to £175m; acting for STV during the divestment of its external lottery management business; advising Scandinavian residential property company Heimstaden Bostad on its entry to the Scottish market through a £125m forward funding deal for a 464-home build-to-rent project in Edinburgh; and repeat instructions from clients such as Amazon Web Services, Comcast, ITN, Sky and Cazoo.
The Scottish law firm has also made five new partner promotions: Edward Hunter (corporate finance), Allana Sweeney (restructuring and insolvency), Sophia Harrison (dispute resolution), Andrew Little (construction and projects) and Kirsty Morley (English property).
They are among 58 promotions - including six directors, 11 senior associates, 17 associates, and 19 senior solicitors - across Burness Paull’s practice areas and offices.
The firm’s partner ranks have also been bolstered by the addition of eight lateral hires, including two of Scotland’s leading practitioners as part of a strategic move into family law, during the last financial year.
Peter Lawson, chair of Burness Paull, commented: “This is a strong set of results, particularly in the face of economic headwinds arising from global inflation and the conflict in Ukraine during the second half of our reporting period.
“It’s a challenging environment for the entire business community and our investment in talent is all about our capacity to add value where it matters most.
“Our performance is testament to the level of expertise and dedication right across the firm, and we have continued to strengthen the team with a number of well-deserved promotions and lateral hires in key practice areas where we see scope for further growth.
“Attracting, developing and retaining the right people is key to our ability to service clients - we want to make sure our people are well remunerated for the work they do, which is why the all-staff bonus is important.
“Our strategy and the results of the last few years put the firm in a strong position, and we look forward with optimism and a readiness to support our clients to navigate the changing economic and business landscape,” he added.
Burness Paull now employs 600 people, including 86 partners, across its offices in Edinburgh, Glasgow and Aberdeen.
The eight lateral partner hires during the financial year were:
- Richard Lockhart (public law) from Scottish Futures Trust.
- Alan Cassels (banking and finance) from Pinsent Masons.
- Barry McHugh (English property) from Addleshaw Goddard.
- Jamie Gray (financial services regulation) from Addleshaw Goddard.
- Richard Smith (family law) from Brodies.
- Jennifer Wilkie (family law) from Brodies.
- Grace McGill (immigration) from McGill & Co.
- Euan Fleming (private client) from Gilson Gray.
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