Jennifer Young
Jennifer Young

Ledingham Chalmers turnover dips to £12.3m

Scottish legal firm Ledingham Chalmers has recorded group turnover comparable to record figures seen over the last two years.

The firm, with offices in Aberdeen, Inverness, Stirling and Edinburgh, said this underlines a strong performance in the face of wider economic and political uncertainty and challenges, including the oil price downturn.

Group turnover for year ending 31 March, 2016 was almost £12.3million, and includes subsidiary Golden Square Wealth Management.

This is compared with £12.5million and £12.4million in 2014/15 and 2013/14 respectively.

Group profit this year was £3.8million compared with £4.3million in 2014/15.

Chairman and partner Jennifer Young said: “During 2015/16, like our competitors and indeed our clients, we were not immune to the difficulties faced in the regions and sectors in which we operate.

“Mindful of, and sensitive to, this environment, and bearing in mind the competitiveness of the marketplace in terms of business and recruitment, we continue to focus on securing sustainable growth.

“And importantly these figures reflect investment in people, offices and infrastructure, as part of that long-term commitment.”

Brian Hay, the firm’s chief executive officer, said: “Many parts of the business have experienced broadly similar levels of activity to last year.

“And in fact we saw an increase in residential property market share, although the market itself – particularly in Aberdeen – remains slow.

“Uncertainty within the energy sector continues to impact the economy, nonetheless at the halfway point of 2016/17 work in progress is on course to deliver budget.”

The firm continues to focus on business development in growth sectors, including the SME market, while promotions over the past year have included Hazel Moir’s appointment to partner, bringing partner numbers to 30.