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Anderson Strathern has launched a strategic review after revenues dropped by 4 per cent at the latest year end, following three consecutive years of growth.
The Scottish firm, which started its financial year yesterday (1 September), is targeting revenues of £23m by 2016, after turnover dropped from £22.8m to £21.8m in 2012/13. Managing partner Andrew Lothian said that the firm had identified various projects over the course of the 2012/13 year that the firm wanted to run with.
These initiatives include reviewing the profile of its fee earners in response to increased fee pressures from its competitors and clients over the last year, Lothian said. He added that the firm would be analysing its fee earner structure, particularly in the real estate and litigation departments.
He said: “We will look at if we have the right fee earner profile to deliver the contract or project for the client. Over time, pricing has meant that fee earners doing certain types of work have to match what the client is prepared to pay for them.
“The particular solutions in each area are quite distinct so there is not one thing we can do right across the board. In some areas we need more senior lawyers and in others we need greater efficiency.”
Lothian added that the firm was actively focusing on mergers and acquisitions targets and was looking for Scottish lateral hires. The firm is also investigating whether to launch new consultancy avenues in its corporate and employment departments.
Lothian said: “The Scottish legal market has a lot of good law firms in it and it is a fairly challenging environment. But between one law firm and another, the technical product is probably pretty similar. But, the quality of the service, the way in which the product is delivered, can vary quite significantly.”