Partners at law firm Maclay Murray & Spens (MMS) are “more content” after partners’ share in the company’s profits rose 24% to £261,000 in its most recent financial year.
Following a troubled year in which the firm faced falling profits, turnover and departing staff, the company has rebounded with a 7.3% increase in turnover to £43.3million in the year ended 31 May 2014. Profit available to all members reached £14.1million as strong performance in the firm’s corporate, tax, real estate, construction and financial services activity allowed the firm to invest in its London and Scottish offices.
After seeing staff numbers drop in 2013, they have risen again to 410 with 61 partners. The company said it looking to hire, including in in its Aberdeen office.
Kenneth Shand, who took over as chief executive of MMS from former Gordonians rugby player Chris Smylie in January, said: “a lot of challenges remained” for Scottish law firms.
He said: “I think there will be more consolidation. Possibly the general improvement in market conditions will take the financial pressure off some businesses. If others like us have been able to see revenues rise, there is still significant pressure identifying the appropriate business models through which to provide services and the most appropriate sectors in which to invest.
He added: “Our partners are more content, but we are in no sense complacent.”
Mr Shand said Mr Smylie has since left MMS to pursue different business interests.
Mr Shand said a new lawyer would join its Aberdeen office next month.
“We are looking to recruit further as well,” said Mr Shand.