Scottish firm Morton Fraser has announced a slight drop in both turnover and profit for the last financial year, with revenue dipping 2.8 per cent to £13.7m.
The result compares to £14.1m in 2011/12, a figure which in turn was a dip from 2010/11’s £14.6m. Meanwhile net profit fell from £3.9m to £3.8m, a decrease of 2.6 per cent.
The firm completed a merger with Glasgow firm Macdonalds in February 2013 (7 December 2012). Chairman Linda Urquhart said the merger had a negligible effect on last year’s financial results.
However the total number of partners at Morton Fraser rose from 31 in 2011/12 to 39 last year, of whom 27 are equity partners.
This week (1 July) Morton Fraser announced the promotion of corporate lawyer Iain Meiklejohn and private client lawyer Carryl Christie to the partnership.
Urquhart said the sluggish Scottish economy had impacted the firm’s performance, and given the economic environment “we’re relatively pleased with where we’ve got to”.
She said the firm’s commercial property team had performed well, but overall there were no stand out performers. Morton Fraser’s litigation team is the largest in the firm, contributing some 41 per cent of revenue.