Shepherd and Wedderburn acquire Tods Murray from administrators
Shepherd and Wedderburn has today acquired out of administration the business and assets of Tods Murray, the Scottish law firm whose history spans 158 years. Tods Murray partners have agreed that the arrangement will preserve the maximum number of jobs and ensure continuity of service to clients.
The arrangement will result in both an increased projected turnover and headcount at Shepherd and Wedderburn.
Stephen Gibb, Chief Executive of Shepherd and Wedderburn stated:
“We will be welcoming many new colleagues into our team, as part of Shepherd and Wedderburn. Their clients can be assured of a continuation of the high level of service they have come to expect, as well as the opportunity to access the expanded range of legal expertise and advice we offer. Whilst inevitably there will be a need to rationalise, I am confident that the arrangement will provide significant benefits to our staff and client base.
"Shepherd and Wedderburn has a debt-free balance sheet and a strategy for sustainable growth both in Scotland and across the rest of the UK. The opportunity to add to our excellent client base and secure additional high quality lawyers to bolster our expert teams is ideally timed for our business. It’s a further significant step forward in realising our clearly defined strategy for growth”.
Shepherd and Wedderburn has experienced a period of sustained growth, and during the last 18 months, the firm has made four high profile lateral appointments to key sector practices as well three internal promotions to the partnership. The acquisition of Tods Murray aligns with Shepherd and Wedderburn’s intention, articulated earlier in 2014, by Chief Executive, Stephen Gibb to go on the acquisition trail for firms of the ‘right fit and quality’.
- Of the Tods Murray partners joining Shepherd and Wedderburn: 18 will join as partners; 5 as directors; and 7 as consultants.
- Shepherd and Wedderburn will trade out of the former Tods Murray offices at Edinburgh Quay and Bothwell Street, Glasgow for no more than three months before these offices are closed.
- Tods Murray employees were formally notified of the situation earlier today. Shepherd and Wedderburn propose to commence a formal 45 day redundancy consultation process with the former Tods Murray employees next week. The initial proposal is for c50 jobs to be subject to redundancy consultation.
- Following the consultation period all retained personnel will move to Shepherd and Wedderburn’s existing offices at Exchange Crescent, Edinburgh and West George Street, Glasgow.
Notes to editors
1) About Shepherd and Wedderburn
Shepherd and Wedderburn is a leading UK law firm, with an uncompromising commitment to client service. With offices in Edinburgh, Glasgow, the City of London, and Aberdeen, the firm delivers comprehensive multi-jurisdictional legal advice across every business sector as well as offering the full range of private client and wealth management services.
As a founding member of the World Services Group, Shepherd and Wedderburn is able to respond to clients’ needs swiftly and effectively anywhere in the world. Currently the firm serves clients in 86 jurisdictions.
Regarded by many as the go-to firm for specialist advice in the energy and natural resources and real estate sectors, Shepherd and Wedderburn also has an impressive track record in advising clients from across other industries and sectors. FTSE 100 blue-chips, AIM companies, large SMEs, and public service organisations are counted among its clients.
Post acquisition the firm will have 564 staff, including 82 partners.
For the year ending April 2014, turnover at Shepherd and Wedderburn increased from £35.9m to £38.3m and net profit rose by 10 per cent to £14.3m.
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