McGrigors has unveiled robust growth for its 2005-6 financial year, with partner profits and fee income both showing double-digit growth, as the Scots giant reaps the benefits of an expansive 12-month period.

Average profits per equity partner at the big four Scots firm rose 16% from last year’s figure of £240,000 to hit a new mark of £279,000.

Meanwhile, fee income broke the £50m barrier for the first time after the firm posted a 15% climb in revenue to reach a total of £52.1m, up from £45.4m for the previous financial year. Total profits surged by 18% to reach £13m.

The improvement in performance comes after the allocation of 14% of the firm’s total annual profits to a bonus pool for non-partners and sees the 76-partner firm, which has its largest office in Glasgow, cement its place in the UK top 50.

The results follow an expansive period for McGrigors, which earlier this year completed its conversion to limited liability partnership status and merged its Scots, English and Northern Irish practices into a single multinational operation.

In April, the firm hired a 12-partner oil and gas team from rival Scots practice Ledingham Chalmers, handing the firm its first presence in Aberdeen and a major foothold in the energy sector (see story).

Elsewhere, McGrigors has targeted continued expansion in the City with several senior hires, including that of Field Fisher Waterhouse banking partner William Greig.

The firm has also outlined its strategy for the coming year, with a renewed focus on the energy, regeneration, house-building and infrastructure sectors expected to result, and has made up six new partners across its banking, IT/IP, commercial, real estate and corporate teams.

Managing partner Colin Gray said: “This has been another year of steady growth, consolidation and investment at McGrigors. The figures reflect the work we have undertaken for many large clients, a significant number of high-quality deals and an increased sector focus.”

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