ABERDEEN law firm Ledingham Chalmers had a reasonable year in the 12 months to the end of March, posting a marginal rise in turnover and six per cent increase in partner profits.

The firm, whose work is practically all either directly or indirectly related to the oil industry, saw revenues nudge up from £11.5 million to £11.6m while partner profits increased from £3.4m to £3.6m. Just under £1m of turnover came from the firm’s financial advisory business Golden Square Wealth Management, which posted a 2.5% increase from £972,521 to £996,782. Income from legal services grew from £10.55m to £10.62m.

Although the rises in turnover and profits are relatively small, they come after the firm saw both figures decline in the previous financial year, when the impact of the slowdown in the oil and gas sector resulted in the firm’s revenues falling by 6.5% and profits by 8%.

According to the firm’s LLP accounts, which were lodged at Companies House this week, average partner remuneration increased year on year from £134,355 to £137,078, while the amount of profit awarded to the highest-earning partner fell from £230,195 to £223,282.

Ledingham Chalmers’ accounts also revealed that the firm has begun the process of winding up its defined benefit pension scheme.