Turnover increased by 8 per cent to £18.3M, with net profit up by 20 per cent to £6.6M.
The positive figures reflect the firm's strategy and commitment to full transparency and clarity in billing arrangements with clients which has helped deliver a strong balance sheet to support further investment opportunities.
New client wins have also helped drive success in key markets includingcommercial real estate, private client and public sector. Given the increase in devolved powers, the need for Scottish legal excellence will continue to increase and the firm is committed to continuing to thrive in the Scottish legal market, building on its 2013 merger with Scotland's oldest law firm, Macdonalds.
Over the past year, the firm has seen ten new partner promotions, half of whom are female. This brings the firm's total number of partners to 45, with a female ratio of almost one third, which is testament to the firm's support of flexible working.
In recognition of their hard work, the firm's strong profit growth will be shared with employees who will receive a bonus of up to 9 per cent of annual salary.
Chris Harte, Chief Executive at Morton Fraser said:
“Over the past year we have seen success on a number of fronts, from increased turnover and profit, to a strong balance sheet and new client wins in our key sectors. We're also continuing to invest in building the right team and we see our support for flexible working as really assisting us in that.
"Alongside driving growth, we're pleased to have ended the year debt-free and with cash in the bank, making us well placed to implement our investment plans over the medium to long term.”
Commenting on the future, Chris added:
"Our clients continue to tell us that they value the clear and open way we do things, be it in delivering advice or talking about costs and I'm convinced this approach will continue to drive further growth in our business. Clients are looking for their lawyer to be as user friendly as any other service they buy.
"We believe that we can continue to thrive as an independent firm by listening to our clients and delivering the services they need in the way that they want."