Thorntons records eight per cent turnover growth but profits down after IT investment and staff benchmarking

Thorntons records eight per cent turnover growth but profits down after IT investment and staff benchmarking

Lesley Larg

Thorntons has posted profits of £9.2 million and turnover of £37.8m, for the financial year ending 31 May 2023.

Profits are 9.1 per cent (£0.9m) down from last year, after a seven-figure IT investment and staff benchmarking exercise. Turnover is up 8.2 per cent (£2.86m) from £35m, and the Dundee-based law firm now projects this will reach over £40m in the current financial year.

The firm has continued to expand its operations across Scotland, with a particular focus on the Central Belt. The firm invested significantly in business growth, culminating in the opening of its permanent Glasgow office, following the success of its Edinburgh office.

The Glasgow expansion included the appointment of three lateral hires at partner level, specialising in commercial real estate and commercial litigation. The firm has grown to 73 partners and employs more than 500 people across its 14 Scottish offices.

It also secured some significant new clients in emerging sectors including agri-tech, carbon capture and green tourism and concluded a number of key deals, including advising vertical farming business Intelligent Growth Solutions which recently concluded a £22.5m Series C fundraise to support global expansion.

Lesley Larg, managing partner, said: “It’s been an incredibly busy year for the firm with some major new initiatives including our first permanent Glasgow office overlooking the city’s iconic George Square. In time we hope to double our headcount in Glasgow and build on our existing, strong client base.

“We have also invested substantially in our people, ensuring we offer high quality learning and development opportunities and competitive salaries.

“I’m incredibly proud of what we have achieved across the business during an uncertain economic period, and we continue to have ambitious plans for the future, including making a positive contribution to the communities where we are based.”

As part of its ESG strategy, the firm created new employee advocacy groups to challenge and reduce its environmental impact and address equality issues. To support its talent pipeline, the firm appointed 13 trainee solicitors in the last financial year, which was its largest intake to date, and welcomed nine interns.

Ms Larg added: “We are experiencing continued strong growth this financial year and are predicting a £40m+ turnover. The current year will also see more new colleagues join us in locations including Dundee and Edinburgh in a range of legal and business support roles.

“We also have plans to recruit in Glasgow. We want to build on our strong corporate and commercial offering in the West and to further expand our services for individuals and families.”

Ms Larg continued: “This year will also herald the opening of our newest permanent office location in Inverness, where our team will move from their current serviced accommodation into a bespoke, refitted office space in Spring.

“We will also continue to invest in developing our people and to further enhance our ways of working using emerging technologies We have recently secured an external innovation award, which will enable us to upskill our colleagues and explore how Generative AI can contribute to client service, speed of delivery and innovation.”

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