Legal giant Shepherd and Wedderburn bullish after FY income and profit jump
Edinburgh-headquartered legal heavyweight Shepherd and Wedderburn has reported a jump in turnover and profits as it pursues its strategic plan – with all staff lined up to receive an exceptional bonus.
The firm, which was founded in 1768, said turnover increased to £62.2 million in the year to 30 April, while net profits before partner distributions grew 3 per cent to £26m.
It explained that its staff will receive an exceptional bonus of 5 per cent of their annual salary in addition to the firm’s performance-related bonus scheme, echoing a bonus of the same percentage announced a year ago.
Additionally, 2021/22 marked the first year of Shepherd and Wedderburn’s revised three-year strategic plan that focuses on driving growth primarily in property, infrastructure, corporate finance, technology and clean energy, with current mandates in the latter including work regarding ScotWind.
The legal giant also flagged key activity in the year such as acting for Edinburgh-based tech firm TVSquared in its $160m (£132m) sale to US-based Innovid; advising Scottish Sea Farms in its £164 million purchase of the UK fish farming interests of Grieg Seafood ASA; and acting for Miller Homes in relation to the Scottish property and planning aspects of its acquisition by Apollo Global Management.
It also noted investment in its office footprint, having relocated to a new Aberdeen office, and set to relocate its headquarters to M&G’s Haymarket Edinburgh development, while in the last year it promoted five lawyers to partner, 80 per cent of whom are women.
The firm also secured new legal panel appointments to Balfour Beatty, Electricity Supply Board, and Scottish Water; was appointed sole legal provider of corporate legal services to the Scottish National Investment Bank; and its banking team advised on 150 transactions with a total value of £101 billion.
Shepherd and Wedderburn managing partner Andrew Blain said: “I am pleased to announce another set of strong financial results. Last year was the first year of our revised three-year strategy and I am delighted with the progress we have made.
"We have achieved the targets we set ourselves for the first 12 months and made a number of strategic investments in people and premises. We go into 2022/2023 with a strong and growing platform to support clients and deliver on our 2024 strategy.”