McGrigor Donald looks to have stolen arch rival Dundas & Wilson’s position as Scotland’s largest law firm as the Glasgow-based firm released figures showing surging growth in the last financial year.
Figures released today (13.06.01) show McGrigors’ fee income rising by 27% to hit £34.6m for the financial year to April.
Such a rise, against year end results the previous year of £27.25m, would put the 58-partner firm ahead by of rival Dundas & Wilson by turnover.
Though Dundas, whose financial year runs to August, has yet to confirm its figures, the firm is currently estimating it will achieve a 2000/2001 income of £34m.
However, Dundas, whose English practice is provided through its relationship with Andersen Legal member Garretts, remains by far the largest firm in Scotland. Combined growth between both Andersen Legal practices is expected to exceed £65m this year.
McGrigors claimed that the rate of its growth, which is in contrast to a slowing legal market in Scotland, is the result of expansion of its offices in London and Belfast, the latter of which was opened 12 months ago.
McGrigors’ 14-partner London office has doubled its fee income in the past four years.
In practice area, McGrigors cited the growth of its PFI practice, whose clients include Morrison Construction and City of Edinburgh Council, and its internet banking team, which was recently appointed as legal adviser to Bank of Scotland.
McGrigors’ figures come as a number of leading Scottish firms have seen a slowdown in their organic growth, with the exception of Shepherd & Wedderburn, which is forecasting turnover growth of nearly 25%, taking its turnover to just under £20m.
Commenting on the performance, McGrigors managing partner Kirk Murdoch said: “Bearing in mind these financial results are set against a market which has seen a lack of M&A activity, it is an encouraging picture which bodes well for the future.”
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