Gillespie Macandrew reports steady financial year

Scottish firm Gillespie Macandrew has announced a 5 per cent like-for-like increase in turnover and stable profits for the 2012/13 financial year.

Although overall turnover for 2012/13 dropped by 2 per cent from £9.77m to £9.2m, turnover based on legal services was up by 5.3 per cent from £8.74m to £9.2m. Last year’s turnover included £1m attributed to the firm’s investment management arm, which was subsequently sold to Brown Shipley in February 2012.

Net profit increased slightly from £2.64m to £2.65m, whilst average profit per equity partner (PEP) was £121,000, up from £120,000 the previous year.

Gillespie’s Perth office, which opened in September 2012 (27 August 2012) had a particularly good year, according to managing partner Ian Turnbull. The firm’s land and rural business division saw turnover rise by 15 per cent and the firm recently added a second partner to its Perth office in June 2013.

Other areas that have been doing well include the commercial, corporate and private client divisions, which have seen increases of 30 per cent, 14 per cent and 9 per cent respectively.

Turnbull said: “We regard this as steady progress, particularly during what has been a fairly volatile 12 months in the Scottish legal sector.”

He added that litigation was down, but the firm was focusing on alternative dispute resolution methods such as mediation.