McGrigors creates £1.8m bonus pool as turnover tops £52m

McGrigors has posted year-end results that show turnover rose to £52.1m from £45.4m while average profit per equity partner (PEP) was up from £240,000 to £279,000.

Net profit has risen from £11m last year to £13m this year.

McGrigors’ financial performance has allowed it to distribute its largest-ever bonus to fee earners, with 14 per cent of the firm’s overall profit, or £1.82m, set aside for bonuses for non-partners.

The figures confirm a solid year of growth for the Scottish-headquartered
firm, with the acquisition of a large part of Aberdeen’s Ledingham Chalmers
the highlight.

The 27 lawyers who joined from Ledingham Chalmers added around £3m to revenues in the six months since they joined McGrigors.

McGrigors managing partner Colin Gray told The Lawyer: “You don’t often get a bag of people with that level of clients and experience. But turnover was already heading up when they started from a zero base at the half-year point.”

Gray added that the priority for the current year would be to continue growing the business through the development of client relationships and investment in people.

At the same time, the firm has announced six internal promotions to the partnership to take its partnership to 76. The promotions include Peter Cashmore (IT and commercial), Seona Burnett (IP and commercial), Stuart Brinkworth (banking and finance), Russell Munro (real estate), Allan Rippon (corporate) and Steven Sumpton (real estate finance).