Thorntons posts strong financial results
Scottish law firm Thorntons has recorded strong financial results as its ambitious growth strategy of recent years begins to deliver for the business and its clients.
Thorntons reported a 10.5% growth in turnover for the year to 31 May 2019 to a record £29.8 million, with profits increasing by 22.2%.
The 57 Partner firm has gone through a series of strategic mergers and acquisitions since 2014 as part of a five-year strategy. In March 2019, it acquired the Edinburgh operation of Morisons LLP after the firm entered administration. Eight former Morisons Partners and 15 employees moved across to join Thorntons.
This – along with significant investments in organic growth, including its first Glasgow office and larger premises in Edinburgh – has firmly established Thorntons as one of the largest full-service firms in Scotland. It now has 11 offices across the country and employs over 500 people.
Craig Nicol, managing partner at Thorntons, said: “Our 2018-19 results represent a record year and underline the success of our strategy for sustained growth across our business. Over the past few years, Thorntons has clearly demonstrated our commitment to investing for the long term and we are now firmly established as one of Scotland’s leading law firms.
“The acquisition of part of Morisons has added significantly to our commercial offering in Edinburgh and Glasgow. We are delighted with the positive integration of the Morisons team and clients into Thorntons. Exceptional costs of the acquisition have been recognised this year, however profits have also risen by 22.2%.
“Notwithstanding Brexit uncertainty, we are seeing further growth in this current year and our commitment to continuously improving our service to clients is core to our success. Improving the efficiency of our operational processes is also a key focus and will drive future levels of service and profitability.
Mr Nicol added: “We remain committed to providing our clients with a full-service offering and our business levels remain strong amid continued uncertainty in some of our markets.
“As we embark on planning for the next five years, we are confident we now have a stable platform from which to grow further in the short and medium-term. We will continue to invest in our people, premises and technology to ensure that clients and our commitment to them continue to be our focus for the future.”