The firm has increased revenues by 42 per cent in the last three years, hitting £19.37m in annual billings for the year to April 2016. This represents a seven per cent year on year increase and is above the average rate of growth of the UK’s top ten law firms*. It expects to break the £20 million benchmark in 2016/17.
The firm has seen its profits increase by 8.5 per cent from last year, reaching £7m. All employees will share in Morton Fraser’s strong profit growth as its performance-related bonus scheme will reward staff with up to 10% of their annual salary.
While the firm’s success has been strongest in its commercial real estate, corporate and banking & finance offerings, it has been seen revenue growth across all areas of the business.
Its 80-strong public sector team has had a string of recent wins on the Scottish Government’s expanded Legal Services Framework and last month secured the services of one of the country’s most high-profile public law experts in Lynda Towers, formerly Solicitor to the Scottish Parliament.
Chris Harte, Chief Executive, Morton Fraser said: “The Scottish legal market has seen real change in the past three years but our results show there is still scope for independent firms to thrive.