Morisons Solicitors expects higher turnover in the coming year

Morisons Solicitors foresees higher turnover this year after it saw no gains in the year to March 2016.

Peter Duff, managing partner , said the Edinburgh firm is due to meet its budget for the current financial year after taking on new partners and investing in new premises.

Mr Duff noted that while Morisons overdraft rose from £780,000 to £1.3 million in 2015/16, it is “working through that now”.

He told The Herald: “The debt is because we moved office and had to fit out the new premises and pay for dilapidations on the old office on Queen Street.

“It also represents our investment in the lateral hires of people from other firms.

“Although there was a standstill in the accounts we’re ahead this year. We’re seeing the benefit of that investment now.”

Accounts at Companies House reveal that the firm’s turnover to March 2016 was £6.6m, a small drop on the previous year’s figure of £6.7m.

Profits before partners took their shares were up from £1.7m to £1.8m.

The highest-earning partner took home a £116,000 share of profits, up from £108,000 in the previous year.