Key deals help city law firm’s profits to increase
SHEPHERD and Wedderburn has hiked profits and revenue in a year which saw it advise on a raft of high-profile deals.
The Edinburgh-based law firm reported a
12% rise in net profits to £30.2 million as turnover grew by 7% to £71.4m in the year to April 30. A bonus of 5% was paid to all employees in recognition of the performance, the firm said.
Profits grew as Shepherd and Wedderburn worked on deals such as assisting Lone Star, a global investment firm, to acquire Union Square Developments, owner of Union Square Shopping Centre in Aberdeen, for £111 million.
It acted for the statebacked Scottish National Investment Bank on a number of equity deals, including its £16.7m investment into UK spaceflight company Orbex. It also acted for Global Infrastructure Partners in the property aspects of the sale of a 50.1% stake in Edinburgh Airport to Vinci Airports for £1.27 billion.
Managing partner Andrew Blain said: “I am pleased we have delivered strong financial growth this year and increased revenues for the seventh consecutive year. We have made significant investments in key sectors and practice areas, and it is rewarding to see our strategic initiatives yielding positive results, particularly in our clean energy and real estate practices as well as our pensions and private wealth teams.”
The year saw the firm hire three partners, adding Sam Clarke to its banking and finance practice, Jamie Mcrorie in regulation and markets, and Morag Hutchison in employment, which was followed in May with the promotion of two colleagues to the role of partner and seven to legal director. Last week, the firm recruited Craig Whelton and Claire Maclean from Burges Salmon as partners in its clean energy practice.
Mr Blain added: “With the recent lateral partner announcements strengthening our market-leading clean energy practice and additional strategic investments to be unveiled in the upcoming months in key areas, we are optimistic about the future.”