Shepherd and Wedderburn has reported 7% turnover growth to £71.4 million in the year to 30 April 2024. Net profits at the firm also saw a significant rise, growing by 12% to £30.2 million.
Andrew Blain, Managing Partner of Shepherd and Wedderburn, commenting on the firm's results stated, "I am pleased we have delivered strong financial growth this year and increased revenues for the seventh consecutive year. We have made significant investments in key sectors and practice areas, and it is rewarding to see our strategic initiatives yielding positive results, particularly in our clean energy and real estate practices as well as our pensions and private wealth teams. We are grateful to our clients for their support and for continuing to place their trust in us.”
The firm last week announced the arrival of Craig Whelton and Claire MacLean as partners with a wealth of experience in the clean energy sector, further strengthening the firm's offering to clients. The pair joined from Burges Salmon.
During the financial year, Shepherd and Wedderburn also welcomed a further three new lateral hire partners: Sam Clarke in the banking and finance practice, Jamie McRorie in the regulation and markets practice, and Morag Hutchison in the employment practice. In addition, in May the firm promoted two colleagues to the role of partner and seven to the role of legal director, demonstrating the firm's strategic commitment to talent and career development.
In recognition of the firm's strong performance, a bonus of 5% of annual salary was paid to all employees. “We are grateful to our colleagues for their consistent dedication to providing high-quality service to our clients” commented Blain.
Over the past year, Shepherd and Wedderburn advised on many significant deals and other work, showcasing its expertise in a number of key sectors for the firm.
Notable deals over the past 12 months included:
- Assisting Lone Star, a global investment firm, in the acquisition and financing of Union Square Developments Limited, the owner of Union Square Shopping Centre in Aberdeen, for £111 million.
- Advising BayWa r.e. UK in the £40 million project financing with National Westminster Bank plc for the Broken Cross Wind Farm.
- Acting for The Scottish National Investment Bank on a number of equity investments, including its landmark £16.7m investment into the UK spaceflight company Orbex and its £18m follow-on investment alongside BGF, into Trojan Energy.
- Acting on behalf of Global Infrastructure Partners in the property aspects of the sale of a 50.1% stake in Edinburgh Airport to Vinci Airports for £1.27 billion.
- Acting as Scottish counsel on Chart Industries' acquisition of Howden, a leading global provider of mission-critical air and gas handling products and services, from affiliates of KPS Capital Partners, LP, for US$4.4 billion.
- Acting as Scottish counsel for Devro on its acquisition by SARIA.
- Advising ESR Europe on its acquisition of the London & Scottish Property Investment Management Group.
- Acting for Investec on the establishment of REALIS, a UK real estate equity fund, and assisting with the fund's first investment.
The firm's private wealth and tax team also maintained its prestigious Band 1 ranking in the Chambers High Net Worth Guide 2023, solidifying its position as a leader in the field.
Shepherd and Wedderburn's commitment to sustainability and the environment was evident as the firm celebrated its tenth year as the Headline Sponsor of All-Energy 2024. The firm also became a 'Climate City Champion' as part of the Sustainable Glasgow Green Economy Hub Charter, reinforcing its dedication to building a greener future after signing the Edinburgh Climate Compact in 2021.
Shepherd and Wedderburn was honoured as the Diversity and Inclusion Champion (250+ employees) at The Herald & GenAnalytics Diversity Awards 2023, highlighting its commitment to fostering an inclusive and diverse workplace and was awarded platinum level accreditation by Investors in People and Investors in Young People in June.
Looking ahead, Andrew added, "With the recent lateral partner announcements strengthening our market-leading clean energy practice and additional strategic investments to be unveiled in the upcoming months in key areas, we are optimistic about the future and look forward to continuing to work with our clients in the months ahead.”
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