Shepherd and Wedderburn reports record revenue and profits on 250th anniversary
Shepherd and Wedderburn has reported record revenues and profits on the day it celebrates its 250th anniversary. The firm’s revenues rose six per cent to £53.5 million in its financial year to 30 April 2018, and profits before partner distributions increased ten per cent to £22m over the same period.
The firm said its financial performance is the result of sustained investment in client services, including artificial intelligence and document automation products; growing international activity; a record year for the firm’s London office; and strong demand across its sector and practice groups.
As a result of its financial performance, all eligible colleagues will receive a four per cent firm-wide bonus. To mark the firm’s 250th anniversary, all colleagues will also receive an additional day’s holiday.
Stephen Gibb, chief executive of Shepherd and Wedderburn, said: “This has been a busy year for our lawyers and our clients, and we are pleased to report record income and profits.
“Despite uncertainty over the outcome of Brexit negotiations and global macroeconomic trends, our UK and overseas clients have continued to be active, particularly in sectors in which we have market-leading expertise such as clean energy, real estate, construction, food and drink, technology and regulation.
“The fall in the value of sterling following the Brexit vote, coupled with the fact that we have a highly-skilled and educated workforce, highly innovative businesses and world-leading centres of innovation, has meant that Scotland continues to be the second most attractive target for UK inward investment outside London and the south-east of England. As a result, we remain cautiously optimistic about the year ahead.”
This year the firm celebrates the 250th anniversary of the founding, by David Stewart on 6 July 1768, of the legal practice that would ultimately become Shepherd and Wedderburn.
Mr Gibb added: “As well as celebrating the many milestones we have achieved with our clients, we have our eyes set firmly on the future. We have commissioned the University of Strathclyde’s Fraser of Allander Institute to undertake a major research project to help Scottish businesses, organisations and entrepreneurs best position themselves for the years ahead.
“We will use fresh insights drawn from economic data and long-term global growth forecasts to inform a conversation with our clients and key industry contacts, which will help identify how they – and Scotland – can mitigate the challenges and seize the opportunities against the backdrop of a rapidly-evolving global economy.”