Burness Paull sees dip in profits in ‘bumpy year’ for Scottish economy

Burness Paull has seen profits dip from 2015/16’s £22.5m to £22m. The firm delivered annual turnover of £53.8 million, up one per cent from £53.3m the previous year.

Firm chairman, Philip Rodney, said, however, that the firm is set to deliver significant growth in the next three years.

“We have delivered a steady financial performance in what has been a bumpy year for the Scottish economy. There will undoubtedly be more challenges to come as a result of the political and economic backdrop. However there will be opportunities for those who are prepared to be bold and embrace the future,” he said.

The firm, which has seen an increase in instructions across most sectors and was named the most active dealmaker in Scotland for the second consecutive year, has a three-year strategy aimed at delivering growth across its Aberdeen, Edinburgh and Glasgow offices, as well as developing its international initiatives.

“The speed of change has never been greater. Our strategy builds on the successful platform that we have created. Growth will come from our agility in developing our service lines to support the changing needs of our clients both here and internationally. In particular, we anticipate increased activity in energy, technology and tax,” continued Mr Rodney.

“In planning for that, we have invested heavily in people and technology. This will enable us to develop our resource and provide operational efficiencies.”

In the last 12 months the firm has added eight partners. Lateral hires include Nicky Clemence, previously with Brodies, as partner in property and Jody Crockett joined as partner in dispute resolution from London-based magic circle firm Freshfields Bruckhaus Deringer.

Internal promotions saw new partners in pensions, retail, procurement, banking & funds and product liability. Also among the internal promotions, Lindsay Wallace becomes Burness Paull’s first general counsel.

“Our recent promotions demonstrate the depth of talent that is being nurtured through our leadership development programme and our ability to attract top talent from other firms,” added Mr Rodney.