Profits up at Blackadders
Blackadders has seen its pre-tax profits jump by six per cent after spinning off the wealth management part of its business in 2016.
Blackadders Wealth Management LLP began trading last November and in its first five months saw profits of £229,000 and turnover totalling £636,000.
Blackadders itself saw a turnover of £12 million and pre-tax profits of £3m for the year to March 31.
Managing partner Johnston Clark said that taken together the figures showed a marked increase in the fortunes of the business.
He said: “Our long-planned objective of spinning out our wealth management business from this LLP came to fruition on November 1 2016 when Blackadders Wealth Management LLP began trading.
“This sister LLP will continue to provide a seamless service both to clients of this LLP and a wider client base.
“The overall position of both businesses is stronger and combined net profit has increased by six per cent to £3,247,006.”
Average profit per member at the firm was £116,067 and £209,406 for the highest paid member.
Partner Lindsay Darroch added: “The legal sector in Scotland is going through unprecedented changes with a number of mergers and firms failing.
“In an ever changing climate it’s important to have a strategy and a vision but it’s also important to have a degree of flexibility as well to adapt to changing circumstances.
“We are constantly looking at opportunities.”
He added: “We set ourselves a tough target for 2017/18 and so far we are hitting our targets which is a big increase on where we were last year at this time.
“We are very pleased with how it’s going.”