Annual results reveal continued growth at Thorntons

02/02/2024

LEADING Scottish full-service law firm Thorntons, has achieved sustained growth, with turnover increasing by 8.2% year on year amid its strategic, ongoing expansion across Scotland.

Gross income grew to £37.8m for the financial year end May 31 2023, compared with £35m the previous financial year. The firm is on track to record turnover of more than £40m in the current financial year as it progresses its ambitious growth plans.

During the last financial year, the firm invested substantially in growing the business, with an increased focus on the country’s Central Belt.

Following the success of its Edinburgh office, Thorntons opened its first permanent Glasgow office where it appointed three lateral hires at partner level in the areas of commercial real estate and commercial litigation.

It also secured some significant new clients in emerging sectors including agri-tech, carbon capture and green tourism and concluded a number of key deals, includingadvising vertical farming business Intelligent Growth Solutions which recently concluded a £22.5m Series C fundraise to support global expansion.

Lesley Larg, managing partner, said: “It’s been an incredibly busy year for the firm with some major new initiatives including our first permanent Glasgow office overlooking the city’s iconic George Square. In time we hope to double our headcount in Glasgow and build on our existing, strong client base.

“We have also invested substantially in our people, ensuring we offer high quality learning and development opportunities and competitive salaries.

“I’m incredibly proud of what we have achieved across the business during an uncertain economic period, and we continue to have ambitious plans for the future, including making a positive contribution to the communities where we are based.”

As part of its ESG strategy, the firm created new employee advocacy groups to challenge and reduce its environmental impact and address equality issues. To support its talent pipeline, the firm appointed 13 trainee solicitors in the last financial year, which was its largest intake to date, and welcomed nine interns.

Lesley added: “We are experiencing continued strong growth this financial year and are predicting a £40M+ turnover. The current year will also see more new colleagues join us in locations including Dundee and Edinburgh in a range of legal and business support roles. We also have plans to recruit in Glasgow.  We want to build on our strong corporate and commercial offering in the West and to further expand our services for individuals and families.

“This year will also herald the opening of our newest permanent office location in Inverness, where our team will move from their current serviced accommodation into a bespoke, refitted office space in Spring. 

“We will also continue to invest in developing our people and to further enhance our ways of working using emerging technologies. We have recently secured an external innovation award, which will enable us to upskill our colleagues and explore how Generative AI can contribute to client service, speed of delivery and innovation. 

“Our commitment is to remain a full service, independently owned Scottish firm balancing our personal and business legal services equally across the firm.  As well as our plans for organic growth, merger and acquisition opportunities continue to present themselves and we will consider progressing some of those which present a strong cultural and client focused fit.”

Headquartered in Dundee, Thorntons has 73 partners and employs more than 500 people across 14 Scottish offices including its Glasgow and Edinburgh locations.  

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