Law firm Burness Paull has reported more than £24million profit following a hiring frenzy and a year of advising high profile clients.
The firm - which has a significant presence in Aberdeen - reported a turnover of £60million for last financial year, during a shortened eight-month period after the firm’s decision to change its year end to align with market norms.
Following an expansion from its Edinburgh base into Glasgow and Aberdeen in recent years the company’s headcount surpassed 700.
Burness Paull advised on AM Sci Tech’s acquisition of Aberdeen Energy Park, as well as the administration of Stewart Milne.
Peter Lawson, chair at Burness Paull, said: “We saw an uptick in activity during the second half of our 2022/23 financial year and we have carried that momentum into this shortened financial year, which has led to a very positive set of results.
“The fact that this is an eight-month reporting period rather than the usual 12 months means it is difficult to do acceptable year-on-year comparisons. However, our performance to date, combined with the pipeline of work and the timing of costs, give us confidence that both turnover and profit have grown strongly on last year.
“This reflects the hard work of our people and their dedication to our clients, and we are delighted to be able to reward their efforts with the all-employee bonus.
“While challenges remain, it’s a much more stable economic picture than it was 12 to 18 months ago. The greater certainty provided by falling inflation and interest rates being held has led to growing investor confidence and increased levels of transactional activity, which plays to the firm’s strengths in corporate finance, real estate, banking and funds, energy and technology in particular.”