As McClure Naismith reveals its difficulties in the Scottish market today (20 August), Burness Paull has shown it is not all doom and gloom for independent Scottish firms by posting double-digit growth in both turnover and profits, with revenues increasing by 11% to £51.3m and profits up 12% to £23.2m.
The firm said the figures reflected a successful 2014/15 financial year in which all its key sectors – corporate Scotland, financial, oil and gas, and property and infrastructure performed well. Given the performance, the firm is also handing out a 7.5% bonus to all employees.
Standout corporate deals for Burness Paull included advising Standard Life’s financial advice business on its acquisition of Pearson Jones from Skipton Building Society that brought in assets under advice of £1.1bn. In the oil and gas sector, the firm advised exploration and production business Dea on its £7.6bn joint venture with BP in the West Nile Delta.
Commenting on the results, Burness Paull’s chairman Philip Rodney said the performance of the firm since its merger with Paull Williamsons in December 2012 had far exceeded the targets set.
‘In particular our turnover since merger has increased from £37.6mto £51.3m – a rise of 36%’, said Rodney. ‘We have been able to achieve our objective of being one of Scotland’s leading commercial law firms while remaining independent and in control of our own destiny.’
‘With a successful 2014/2015 behind us and the transitional phase completed, the focus now turns to implementing our Dynamic Growth plan. This will see significant recruitment, including senior lateral hires together with increased profile and business in our key international markets, North America and Norway.’
Last year Burness Paull awarded a 10% bonus to all eligible employees across the firm’s three offices in Aberdeen, Edinburgh and Glasgow following another strong set of results which saw a 20% rise in turnover to £46.3m and a 25% increase in profit to £20.7m.