Focus On Key Markets Driving Results At Gillespie Macandrew
25 Sep, 2012
Law firm Gillespie Macandrew has reported a turnover of £9.77 million for financial year 2011 – 2012, an increase of 8.5% on the previous 12 months. Operating profit was £2.65 million, in-line with last year (£2.7 million). The firm increased its number of partners during the last financial year to 22, and the average profit per partner was £120,000. Since the end of the financial year another experienced partner, Mike Blair, has been recruited, continuing the approach of investing in the firm’s key market areas, in this instance Land and Rural Business.
Ian Turnbull (pictured), Managing Partner of Gillespie Macandrew, commented: “This has been another encouraging year for the firm during testing market conditions as we continue our strategy of reshaping our business to focus on core areas of legal expertise.
“An important step has seen us open our new office in Perth, which is enabling us to deliver our services more readily to a range of clients in Perthshire and Kinross, Angus and beyond. Looking ahead, we will consider other potential opportunities to develop our position in our chosen markets.
“Turning to the individual service lines, we have recorded some good performances, particularly by Commercial Property which has returned a 39% increase in turnover. In part this reflects the contribution from our expanded Housebuilder and Construction team and, most notably, a strong performance from the Energy team. Both these teams were expanded by the recruitment of experienced personnel during the last financial year.
“It is pleasing to report that the important service line of Land and Rural Business increased turnover by 32%, validating our decision to make further investment in personnel and resources here, too.
“In spite of the challenging economic conditions, our Corporate service line has shown a 13% increase in its turnover, demonstrating that although deal activity remains sporadic, good quality service is still in demand. Private Client and Dispute Resolution & Litigation have both maintained the same turnover performance level as the past year, and the only area that has shown a decline is Residential Property where the on-going restriction on mortgage lending continues to choke resurgence in the market place.
“Overall, I believe these results represent a reasonable achievement given the on-going restructuring that we have undertaken over the past 12 months. This focus on our chosen markets will continue as we develop, reflecting our belief that this strategy not only meets our aims as a firm, but also allows us to provide the range and quality of service, and real market sector understanding, that our clients value in helping them achieve their own aims, too.”