Thorntons, one of Scotland’s largest independent law firms, has announced another year of growth as it relocates to new headquarters in Dundee.
Turnover rose 14% to £50.1 million from £43.9m, for the year ending 31 May,. Operating profit dipped slightly to £11.6m from £11.8m reflecting investment in its office locations, technology and people.
The firm continued to grow its national footprint, with particular progress in Glasgow, where the office has scaled from a small base to nearly 50 people and revenues increasing at close to 50% year-on-year.
It capitalised on the recovery in the property market, delivering a 24% increase in associated revenue alongside a robust pipeline of corporate deal flow, private client work and international referrals. The firm also delivered strong growth in sectors such as energy, healthcare, tech and agriculture.
During the year it made 75 hires and its total trainee group rose to 34, as part of its long?term investment in Scotland’s next generation of legal talent. There are now more than 680 people in the business.
This momentum underpins the firm’s decision to relocate its headquarters to James Thomson House, a £26m waterfront development by Dundee City Council. Thorntons will occupy the top three floors of the Grade A building, reaffirming its long?term commitment to Dundee, where it was founded.
Managing Partner, Lesley Larg, said: “This is a seismic moment for Thorntons. In the past year we have expanded into new markets, welcomed exceptional talent and delivered sustained revenue growth across our full-service offering.
“Our growth across Scotland, combined with our new headquarters in the heart of Dundee, reflects our long-term confidence in the city and in the future of our firm. Dundee is our home and it will remain so.
“We want Dundee to benefit from the wider success of Thorntons. Our new HQ gives us a modern base to attract talent, embrace innovation and deliver even more for individual and business clients across the country.
“As we enter our next chapter, we are investing to future?proof the firm, strengthening our capabilities, expanding our footprint and creating the kind of modern, flexible environment where our people and clients can thrive.
“These results, combined with recent mergers and major investments such as our new HQ, give us a strong platform to accelerate our growth strategy across Scotland, while deepening the international referral relationships that are becoming an increasingly important source of new work.”
Mark Flynn, leader of Dundee City Council, said: “James Thomson House represents a significant investment for the city in terms of modern office space, which is proving vital in our efforts to sustain and attract high quality jobs in the city.”
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