Scottish law firm reaps rewards after graduate delay
A leading Scottish law firm has revealed an upturn in profits following its decision to delay taking on new graduates.
Ledingham Chalmers have recorded £3.4 million in profits, a 4 per cent increase on last year. Revenues for the Scottish firm slipped slightly to £9.2 million, a drop of 1 per cent.
However, as with the majority of law firms, Ledingham Chalmers have suffered from a slowdown in transaction related work as the challenging economic climate continues to bite.
Commenting on the latest set of figures, Chairman David Lang revealed:
“Business commentators cannot agree on the ‘shape’ of the recession and recovery and whether we can expect a double dip.
“Our own experience is that transactional activity is showing itself slow to return to the levels we have known.”
Lang revealed a decision to delay taking on new graduates for a year has helped the firm thrive during the credit crunch. 2009 graduates were asked to wait for a year before starting their career at the firm, a decision that Laing believes helped Ledingham Chalmers avoid making redundancies:
“In a year when many organisations had to permanently reduce staff numbers we were able to avoid this kind of action.”
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