Partners at Thorntons have shared a record £7.1 million profit following an acquisition spree by the Dundee-based law firm.
Profits for the year to 31 May soared by 22.2% despite the cost in March of acquiring the Edinburgh operations of Morisons, which had fallen into administration. Thorntons had previously bought Pagan Osborne out of administration in 2017.
Eight partners and 15 members of staff joined Thorntons from Morisons, swelling its partnership to 57 members and its overall headcount to more than 500 spread across its 11 offices. The company has also opened its first office in Glasgow and expanded into larger premises in Edinburgh.
The profit taken by the highest-paid partner – formally a member of the firm’s limited liability partnership – was £224,391. In 2018, the highest-paid member had received £173,620.
The series of takeovers meant revenues grew by 10.5% year-on-year to a record £29.8 million. Last year marked the culmination of the company’s five-year growth strategy.
Managing partner Craig Nicol said: “Our 2018-19 results represent a record year and underline the success of our strategy for sustained growth across our business. Over the past few years, Thorntons has clearly demonstrated our commitment to investing for the long term and we are now firmly established as one of Scotland’s leading law firms.
“Notwithstanding Brexit uncertainty, we are seeing further growth in this current year and our commitment to continuously improving our service to clients is core to our success. Improving the efficiency of our operational processes is also a key focus and will drive future levels of service and profitability.”
