Thorntons profits hit £10 million as growth returns to pre-covid levels
Scotland’s fourth largest independent law firm, Thorntons, has seen its turnover and operating profits returned to pre-Covid growth rates with both increasing by more than 10% compared with the previous year.
Turnover increased by 12%, hitting £35 million with operating profit growing by 11% to just over £10m.
The period covers to year end May 31, 2022, which marks the first full financial year under Lesley Larg, who became managing partner in June 2021.
During its last financial year, the firm saw three partner teams join from MacRoberts, and mergers with Dundee firm Kim Barclay Solicitors and Edinburgh practice Stuart and Stuart WS — which combined, grew the company’s headcount by more than 45 people. Thorntons also created an additional 82 new jobs over the year.
Managing partner Lesley Larg said: “It has been a very significant year for the firm which has seen our results return to the double-digit growth we experienced prior to the pandemic.
“The acquisition of three very successful law firms has only strengthened our offering as a business and the results show across-the-board 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.
“One of our key values is community and we are proud to have supported more than 75 charities and community causes across the period including a further charity wills collaboration with Cash for Kids, which boosted our donation total to £550,000 since the campaign began 25 years ago.”
A renewed focus on culture and internal values is at the heart of the new strategic plan for the business which has invested significantly in its own people. Twenty new trainee solicitors became fully qualified and 38 internal legal promotions were awarded, including seven new partners.
The business also allocated £300,000 to its agile working plan which supports flexible working patterns and has already been cited by new employees as motivation for joining the firm.
Ms Larg added: “These results underpin our commitment to our strategic growth plan and the quality and commitment of people we have here in Thorntons to deliver our aims.
“Looking forward, we have a number of very exciting opportunities on the horizon including the opening of our new Glasgow office and the job creation it will bring, including some posts which we have already filled with the strategic appointment of two new commercial real estate partners based in the city.
“We are hopeful of being able to announce some other senior hires across our geography in the coming months.”
She continued: “We are not naïve to the current economic climate, however, with energy bills at record highs, creating rising costs as we move back into the office.
“However we are seeing encouraging signs in many markets, including property where in the residential sector fixed rate mortgages have been improving across the first quarter of this year and in the commercial sector annual investment volumes in Scottish commercial property continued their upward trajectory in 2022 to the highest since 2019, suggesting 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.”