Leading full-service independent Scottish law firm Thorntons, has achieved robust growth, with turnover increasing by 16% year on year as it continues to grow its legal services for business and life.
Gross income grew to almost £44m for the financial year ending May 31, 2024, compared with £37.8m the previous financial year.
Profits rose by 35%, growing to £12.4m compared with almost £9.3m last year and enabling ongoing investment in building a scalable, sustainable business that is creating jobs in Scottish communities.
In the last financial year, Thorntons appointed more than 80 colleagues including 27 brand new roles across a range of legal and business service disciplines to secure the diverse skills required to operate a modern law firm. Among its new hires were 16 new trainee solicitors, and the firm has since appointed a further 16 trainees, showcasing its market-leading investment in graduates.
During the last trading period, the firm also launched its first office in Inverness. The premises opened with a team of 12 experienced people including three partners. In Glasgow, the firm formally opened the doors of its first permanent office, following a long history of working with clients in the city.
The firm’s strong performance was bolstered by a range of client wins including PortmanDentex, one of the UK’s largest dentalcare providers, while Thorntons grew its market share in some of Scotland’s most exciting sectors including life sciences, renewable energy and technology. Its corporate team advised on several key Scottish transactions including Eos Advisory’s investment in Cumulus Oncology, which is developing anti-cancer drugs.
Its services for life, including family law, wills and succession planning and high net worth conveyancing continue to progress amid Thorntons’ forward-thinking approach. Private client services grew by almost 9% in the last trading period as the firm provided specialist advice to Scottish clients and actively pursued referrals from English and Welsh law firms that have clients with Scottish interests.
Lesley Larg, managing partner, Thorntons, said:
After market uncertainty in the first half of the financial year, we experienced strong growth and progression across the business, standing us in good stead following change across the sector including consolidation and the loss of firms that could not survive the headwinds.
“Our people are key to our positive growth trajectory. Their client-focused approach and longstanding relationships, in some cases spanning generations, set us apart in the marketplace. I am incredibly proud of their achievements, and our unwavering dedication to our clients, people and the communities we serve.
Following a strong year of trading and growth, the firm increased its industry accreditations including boosting its rankings in the Legal 500 and Chambers and Partners Guide and re-entering The Lawyer’s Top 100 UK Law Firms rankings for the first time since 2020.
To support its ambitious growth trajectory, Thorntons introduced industry-leading family friendly policies which provide paid leave for the moments that matter in life. The firm trebled its maternity and adoption leave, introduced 12 weeks of co-parent leave, and a 12-week phased paid return to work following maternity or adoption leave.
Looking ahead, the firm outlined its plans to continue transforming the business with investment in its people and technology, ensuring it is future fit for the growing needs and ambitions of its clients and the wider Scottish community. It recently announced a strategic merger with Perthshire and Stirlingshire firm, Macnabs, which will bolster services across the Central Belt.
Thorntons is also helping to deliver a new Scottish legal technology hub in Dundee and continues to adopt AI to streamline and enhance client services. It was recognised for its pioneering approach to emerging technologies with an Innovative Firm of the Year award at the Legal 500 Scotland 2024 awards
Lesley added:
“More than six months into our next financial year, we are experiencing rapid growth and have welcomed new partners and others to the firm to be part of our exciting journey.
“We have plans to expand in Glasgow and continue to seek opportunities with individuals and firms that align with our culture and outlook.
“As a fully independent firm with strong foundations in place, we are confident about the future and our role as an accelerator for Scotland.”