Net profit up 20 per cent at Morton Fraser

Morton Fraser has “seen success on a number of fronts” over the past year, the firm said today as it announced its financial results for 2014/15.

The latest figures show an 8 per cent increase in the firm’s turnover to £18.3 million, alongside a 20 per cent increase in net profit to £6.6 million.

The firm said the positive figures reflect its strategy and commitment to full transparency and clarity in billing arrangements with clients, which has helped deliver a strong balance sheet to support further investment opportunities.

The announcement is the latest in a slew of positive results for Scottish law firms, coming weeks after Shepherd and Weddernburn announced a 26 per cent increase in turnover to £48 million and Harper Macleod reported a 7.5 per cent increase in net profit to almost £8 million.

The company has promoted ten new partners over the course of the year, half of whom were women - bringing the firm’s total number of partners to 45, with women making up one third of the total.

The firm’s strong profit growth is to be shared with its employees through bonuses of up to 9 per cent of annual salary, in recognition of their hard work.

Chris Harte, chief executive at Morton Fraser, said: “Over the past year we have seen success on a number of fronts, from increased turnover and profit, to a strong balance sheet and new client wins in our key sectors. We’re also continuing to invest in building the right team and we see our support for flexible working as really assisting us in that.

“Alongside driving growth, we’re pleased to have ended the year debt-free and with cash in the bank, making us well placed to implement our investment plans over the medium to long term.”

Commenting on the future, he added: “Our clients continue to tell us that they value the clear and open way we do things, be it in delivering advice or talking about costs and I’m convinced this approach will continue to drive further growth in our business.

“Clients are looking for their lawyer to be as user friendly as any other service they buy. We believe that we can continue to thrive as an independent firm by listening to our clients and delivering the services they need in the way that they want.”