Scotland’s legal market has gone through an “arguably unprecedented rate of change”, a new report says.
The latest edition of the Legal 500 – an annual review of UK law firms – highlights major turbulence hitting the sector north of the border.
“Merger activity remained high, particularly between Scottish and English law firms,” the report says, adding that last year’s tie-up between McGrigors and Pinsent Masons was followed by others.
Among these were the merger of Bond Pearce and Dickinson Dees, (Bond Dickinson), and the tie-up between central Scotland-based Burness and Paull and Williamsons, of Aberdeen (Burness Paull).
The report says Dundas and Wilson’s new Aberdeen office, led by Douglas Crawford and David Davidson, got off to a successful start.
It adds: “Maclay Murray and Spens recruited lawyers from Semple Fraser LLP (limited liability partnership) but hit a stumbling block in Aberdeen when four partners left to join Bond Dickinson.
“Shepherd and Wedderburn exited Aberdeen, opting to concentrate efforts on the central belt and its national practice.”
CMS remains a key player in Aberdeen’s “lucrative but increasingly competitive oil and gas market,” the report says.
It adds: “Well-respected local firm Stronachs also has strong energy sector credentials, although its head of energy, David Sheach, retired in May.
“Brodies LLP, Pinsent Masons LLP and Bond Dickinson LLP also field key oil and gas expertise.”
Two firms share top spot in the report’s Scottish oil and gas rankings – CMS and Pinsent Masons.
“CMS has a strong and dominant position in oil and gas matters,” Legal 500 says, adding: “It recently acted for longstanding client BP in a deal with Taqa or a package of assets in the North Sea worth over $1billion (£622million).
“Penelope Warne and Stephen Millar are among the key figures in Aberdeen.”
Another Aberdeen-based lawyer singled out in the report because of their oil and gas expertise include Clare Munro at Brodies, who the report says has a “nice style of working.”
Burness Paull and Pinsent Masons are named as joint top firms outside Edinburgh and Glasgow for corporate and commercial work.
Banking and finance front-runners include Burness Paull, Dundas and Wilson, Maclay Murray and Spens, Pinsent Masons and Dickson Minto.