Scottish law firm Blackadders LLP reported further growth in turnover and profit in its latest accounts as the firm positions itself to make the most of AI integration and achieve its ambitious growth targets.
After a period of investment and consolidation, the figures for the firm’s 2023-24 financial year show profit increased by 6% on turnover growth of 1.4% for the combined income of the Blackadders law firm and Blackadders Wealth Management LLP.
The year saw investment in improving staff benefits, new premises and upgrades to core IT infrastructure, including a new case management system. All staff now have access to private health insurance and a medical cash back scheme.
Blackadders LLP also deployed significant resources to consolidate services in Glasgow, Edinburgh, Aberdeen and Dundee. The board also undertook a review of services and decided to withdraw its estate agency offering and
partner with third party providers for residential property sales.
As a result of this consolidation, the overall headcount decreased from 220 to 180.
Combined turnover for Blackadders LLP and Blackadders Wealth Management LLP was £16.9 million, up from £16.7 million in 2022-23. Profit before members’ remuneration and profit shares was £4.61 million, up from £4.35 million.
Blackadders Joint Managing Partner Ryan McKay said: “This has been another strong performance by the whole team. We have used resources to ensure we are an employer of choice within the profession by improving staff reward and investing in the best offices and technology.
“This is money well spent and will ensure we are better positioned for the predicted further growth the firm will enjoy over the coming years.”
Blackadders said it has a strategic aim to be proactive in the adoption of new legal technology and AI developments.
In 2023, the firm established an AI and Legal Tech Committee which reports to the board and has overseen the roll out of new tools including Microsoft Co-Pilot.
McKay said: “We have continued to review our operations across the firm to target areas of growth and to realise efficiency savings where appropriate without compromising quality of service.
“This will remain our strategy and performance indications for the current financial year remain strong.
“Another key aspect of our improving performance has been better and more true billing.
“Understanding the real value of our work to clients as well as regular and clear billing has helped increase turnover.”
Earlier this month, the firm moved to new office space in Dundee, occupying one floor of the DC Thomson headquarters building in Meadowside.
McKay added: “There is no doubt this was an emotional but necessary move for everyone. The new office is a more flexible and comfortable place to work. It is also a more energy efficient and sustainable environment. Being in a new home with open plan working has already made it a much more vibrant office atmosphere for everyone.”