Press Release
21 January 2008
McGrigors appoints new Managing Partner and reports strong financial results
National UK law firm McGrigors LLP has today announced that Richard Masters has been elected to the role of Managing Partner. Richard succeeds the incumbent, Colin Gray, who in March completes a maximum second term having overseen the business through 45% growth over the last three years.
The announcement comes as the firm unveils its financial results for 2006/07, showing strong and consistent growth with turnover up to £60.5million. Average profit per equity partner (PEP) increased from £279,000 to £306,000 calculated after paying out staff bonuses totalling £1.5m.
Commenting on the performance of the firm last year, current Managing Partner Colin Gray said: “2007 was an exciting year for McGrigors. We have continued to concentrate on industry sectors and pooled the collective talent across our offices to launch nationwide Housebuilding and Capital Markets units to our focused approaches in areas such as Energy and Tax Litigation. The performance of our Aberdeen office in its first full financial year has been excellent. The addition of the office has also brought us greater strength and depth across our entire energy practice – a key growth area for the firm. Our focus on growing existing relationships with our FTSE 250 clients has also paid real dividends. Finally, we ended the year with the announcement of the launch our new office in Manchester which will enable the firm to offer a true UK-wide service to our clients.”
Commenting on the year ahead for McGrigors, Colin Gray said: “Our growth continues to be driven by our dedication to high quality service for the firm’s clients throughout our network of well-integrated offices across the UK. We are looking forward to offering our services to clients old and new in Manchester and to build on our experience of launching firm-wide industry groups as we continue to seek out more innovative ways of working for the benefit of our clients. I’m sure McGrigors will continue to go from strength to strength under Richard’s talented guidance when he takes over the reins of the firm.”
Commenting on his appointment, Managing Partner Elect, Richard Masters said: "I am inheriting the reins of a business that is in strong shape and confident of its future. We have moved well beyond our Scottish roots and now have a truly national firm which I look forward to developing further."
Richard Masters, 42, trained at McGrigors from 1987, qualifying in 1989. He was made partner in 1996. Most recently, Richard headed the corporate team at McGrigors. He has extensive experience of a wide range of corporate matters including mergers and acquisitions, joint ventures, structured property investments and group reconstructions.
Richard will take over as Managing Partner from end March 2008. The role is a full-time management role, based across the firm’s offices in Aberdeen, Belfast, Edinburgh, Glasgow, London and Manchester.
For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com