Semple Fraser adopts multinational status
Commercial law firm Semple Fraser has become the second law firm in Scotland to take on multinational partnership status as it eyes further rapid expansion both north and south of the border.
The move anticipated the elevation of commercial property expert Roger Clarke to the partnership, which now numbers 25 following five new appointments over the last few months.
Assuming multinational status enables Scottish law firms to promote to partner level lawyers who qualified elsewhere. The new rule was introduced earlier this year under amended Law Society of Scotland practising regulations. Dickson Minto, the ultra-profitable corporate finance boutique which works on huge City deals, was the first to take the plunge.
Alister Fraser, managing partner of Semple Fraser, commented:
"Strategically, we are excited about this development because we see ourselves as a UK business practising from the Scottish central belt, and this structure allows us to achieve our goals in a straightforward and uncomplicated way."
Clarke qualified to practise in Ireland, and England and Wales, but not Scotland. He was recruited to the firm from major City of London outfit Travers Smith.
Semple Fraser, which has offices in both Glasgow and Edinburgh, has revealed that income rose 24% in 2004-05 to £10.8m, the third consecutive year of 20%-plus growth. The firm switched to limited liability partnership status last year, which will compel it to reveal profits when it files accounts, but the firm has chosen not to do so yet.
However, Fraser said profits rose 45% last year, though the bottom line was flattered by hefty costs incurred in 2003/04 when the firm moved its Edinburgh premises from the West End to George Street in the city centre.
According to the managing partner, Semple Fraser has sustained this momentum in 2005-06, with "time sold" up 15%-20% close to the half-way point of the new financial year.
"We have been successful in our markets. Deal flow has improved as we have increasingly been offering services on both sides of the border."
said Fraser, who identified the firm's construction, and environment and pollution practices as particularly strong.
It is now more than three years since Semple Fraser bolstered its corporate team through the recruitment of Scott Kerr and Alex Innes, formerly head and deputy head of Steedman Ramage. They left Steedman when it merged with Biggart Baillie.
A fresh addition to the corporate team in Edinburgh is Bill Fowler, hired from Archibald Campbell & Harley. The other recently appointed partners are Phil Morrison (construction), Craig Macleod, and John Meehan, formerly an associate with Dundas & Wilson, (commercial property). Separately, Euan Miller and Roland Smyth have been promoted to associate level in commercial property, while Alastair Johnston has joined the firm as a tax consultant.
Semple Fraser has more than 130 staff, of whom about half are fee earners.