McClure Naismith’s turnover decreased for the second consecutive year, from £13.9m to £13.1m. Granted, this dip is nothing compared with the 11 per cent drop from £15.6m the Scottish firm posted in 2009-10. Chairman Alan Thomson attributed the slump to the relatively low volumes of transactional work.
The firm’s unpaid leave scheme, adopted as a cost-cutting measure in 2010, has now come to an end. The staff bonus, which was on offer if the firm met its targets, did not come to fruition.
Despite the gloomy picture, Thomson remains optimistic. Recent hires include Bell & Scott partner Brandon Malone, who joined the Edinburgh contentious construction team. Financial Services Act regulatory expert Clare Hughes was brought in as an associate from Addleshaw Goddard. McClure is also looking for partners to bulk up litigation and employment.
Litigation remains the big earner for McClure Naismith, generating 34 per cent of turnover. Property and construction generated 21 per cent, while corporate brought in 17 per cent.