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Scottish heavyweight Shepherd+ Wedderburn has posted a 13.4 per cent increase in revenues for the year 2003-04, with annual income rising from £25.6m to a record £29m.
New Shepherd+ Wedderburn chief executive Patrick Andrews, who took over as firm head from Paul Hally last week, said the changes were in line with the firm’s strategy of building longstanding relationships with UK-wide clients. “We’ve added around 300 new commercial clients in the last year which includes one-off instructions and those that we see as potential longstanding relationships,” said Andrews. “The financial results are largely in line with our expectations and reflect our continued support for our existing client base.”
Andrews said the firm’s commercial property, litigation and pensions groups had performed particularly well, while corporate had had a “lacklustre” year. He was, however, optimistic that the latter group would be no more than £100,000 off budget once the figures had been finalised. Andrews refused to comment on the firm’s profits performance but indicated a slight rise was expected. In 2002-03 average profits per equity partner at Shepherd+ Wedderburn stood at £194,000.