Scottish firm Tods Murray had a slightly better 2010-11 than 2009-10, with revenue rising from £12.2m to £13.1m. The firm’s total headcount dropped by five in the same period, although the fee-earning headcount remained static at 111. As a result of the increase all staff were given pay rises last year.
A strategic reduction in costs at the start of the recession led to a dramatic profit increase of 50 per cent, according to managing partner David Dunsire, although the firm did not disclose profit figures.
Banking and finance was a particular area of growth during the past year, with an appointment to the Santander panel and work for Goldman Sachs and German banks. The employment team saw activity increase by 50 per cent.
Banking partner Graham Burnside was elected chairman of the firm in October, taking over from the retiring Ian McPake, who held the role for four years.