Morton Fraser profits grow 40% in record year
Morton Fraser has reported an increase in net profit of over 40% in a record-breaking year that saw the independent law firm record revenues of £23.9 million, a 16% increase on the previous year.
The record results allowed the firm to deliver a staff bonus pool of over £600,000, which is 50% higher than the previous year and 30% higher than 2019/20. The firm pays bonuses to all staff, not just fee-earners.
The firm has also invested more than £1 million in a new, central Glasgow hub designed for hybrid, collaborative working as part of a post-Covid modernisation programme.
The new hub aims to break old stereotypes associated with working at law firms, offering lots of collaborative co-working spaces, standing desks and informal booths.
“Morton Fraser’s people have no set boundaries for working in the office and are encouraged to balance their wellbeing with their work responsibilities in a way that allows them to be their best,” the firm said.
Chris Harte, chief executive of Morton Fraser LLP, said: “The pandemic reset everybody’s view of work-life balance. We have responded to that by investing heavily in a place that aids collaboration and mental wellbeing while still providing the facilities needed for the rigours of legal work.
“People should enjoy coming to the office and we have worked hard to make it a place people want to, rather than have to, be. This is a great example of putting our people first, ensuring they have the flexibility and resources they need to flourish.”
Key to Morton Fraser’s growth in the last 12 months has been a substantial increase in its transactional services. Both its corporate and real estate teams saw growth of over 30%. Morton Fraser’s private client practice has also now grown by 50% since 2018.
Mr Harte said: “Most in the service sector will have experienced a post-Covid bounce back. What matters is how you respond to that improvement. For us, the main priority is our people, which is why we have modernised the way we work, so we can give people flexibility to make positive choices.”
Morton Fraser has also hired two Ukrainian lawyers through the Interlaw network, offering them both employment and training in Scotland.
“We take our social responsibilities very seriously and felt it was important to respond to the call for help when it came,” Mr Harte said. “I know many Scottish firms have tried to support Ukrainian lawyers. It is heartening to see the sector come together to offer some hope to those in desperate circumstances.”