Law firm Ledingham Chalmers will hand £1,200 each to staff to help them with the cost-of-living crisis.
The Aberdeen-based firm, which has offices in Edinburgh, Glasgow, Inverness and Stirling, as well as at Thainstone near Inverurie, has set aside £200,000 to support over 175 members of staff.
It is part of a £400,000 pot for eligible employees, including discretionary bonuses and its performance-related pay (PRP) scheme.
The bonus was announced as the firm unveiled annual results in which it hit record turnover.
Nor is it the first time the group has distributed cash to its staff. In its last financial year, it allocated £150,000 to a Covid-19 pot to reflect efforts its staff had made during the pandemic.
Managing partner Jennifer Young said: “Everyone is dealing with a rising cost of living, and we haven’t underestimated what that means for our colleagues, so it’s important we take steps to provide as much support as we can.”
Right people, right roles
Mrs Young said having the right people in the right roles across its offices through recruitment and developing talent was crucial to its growth.
Firm-wide there have been 55 new starts since November 2021, bringing the headcount as of 10 October 2022 to 176, including 27 partners.
Hires over the last year include senior associate Jane Rattray in Aberdeen and associate Eilidh Findlay in Inverness. It’s rural team also welcomed Ross McNaughton and senior solicitors Jason Rust and Emily Flett-Grant.
In April, Ledingham Chalmers announced eight promotions including Victoria Leslie to equity partner and Andrew Stott to partner. Mr Stott is also the president of the Inverness Chamber of Commerce.
Mrs Young said: “The market is changing dramatically, client demand is evolving, and also how we deliver legal services is changing.
“So, it’s going to be an exciting time for the firm. The exceptionally competitive marketplace for recruiting, winning, and retaining business is certainly a challenge, but one I think we’re more than up for.”
Financial results
The firm revealed a “positive” set of financial results for 2021/22 which include its highest turnover — £12.8 million — since becoming a limited liability partnership (LLP) in 2006.
Turnover for the group, including subsidiary Ledingham Chalmers Financial, was £13.6m, compared with £12.3m in 2020/21. Group profit also rose slightly to £4.1m from £4m the previous year.
The firm’s charitable trust also donated £13,000 between April 2021 and 2022 including £7,000 to mark its 30 years in business.
The results were based on its “staple” corporate and commercial practice areas while its rural and private client teams continued to rise against the prior years, it said.
Mrs Young added: “Year-on-year growth in the private client discipline, including residential property and rural, has been encouraging and reflects a lot of hard work from colleagues, as well as strategic investment. The most recent example being when the Simpson & Marwick Aberdeen estate agency team joined us in 2019.
“That, along with a strong performance in insurance and personal injury litigation, where we continue to act Scotland-wide for one of the UK’s largest insurers as well as a host of public sector organisations, and our involvement in some of the highest profile commercial transactions in the north and north-east gives us a robust platform for growth.”
Growth plans
Last year, Ledingham Chalmers announced its goal was to double its turnover to £25 million by 2025.
The firm plans to expand its commercial offering through strategic mergers and acquisitions, complementing work it already does with public sector organisations and individuals, as well as multinational organisations, national companies, and high-potential SMEs.
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