Legal PR experts celebrate dynamic legal firm’s record turnover and growth
The PSM Law Group, the dynamic Edinburgh and Fife based legal firm, has cemented another year of impressive business growth by announcing a record 100 per cent surge in its annual turnover.
Annual returns for the company – for the period up to the end of April 2004 – show that turnover leapt from £2 to £4million.
The key factor behind the success of the company, widely acclaimed as one of the most forward-thinking legal firms in Scotland, is being attributed to the continued buoyancy of the property market.
Established 14 years ago, The PSM Law Group has seen its business grow through the adoption of a philosophy of building a dynamic legal practice combining the best of traditional values with modern business solutions.
The catalyst for the firm’s current success dates back to December 2002 when the respected Dunfermline-based legal firm of Peddie Smith Maloco re-branded as The PSM Law Group, developing at the same time a number of key divisions. The re-branding coincided with a move by the firm to a more corporate structure involving several key members of staff as well as partners in the management and decision making process. The company now operates out of six offices with a workforce of 100.
The key successes from this restructuring process has been the Hunters-psm solicitors-estate agency division and PSM On-Line, which handles high volume conveyancing work on behalf of the country’s leading financial institutions.
Hunters-psm, which has offices in Morningside Road, Edinburgh, and Bonar Street, Dunfermline, saw combined property sales for the year jumped 62 per cent to more than £96 million, driven by the property boom in Edinburgh. The newly created Edinburgh office – which also houses teams handling private domestic and commercial conveyancing work – alone saw business increase by more than 80 per cent. Earlier this year, Hunters-psm was named the fourth biggest firm operating within the Edinburgh Solicitors Property Centre sector – a huge jump from its previous ranking of 15th biggest.
The company’s ground-breaking use of new technology – the firm was the first in Scotland to operate in a paperless, virtual environment – has also helped it emerge over the past year as one of the UK’s leading online conveyancing experts.
Dozens of major lenders and financial institutions – including 18 High Street names – use PSM On-Line for their volume conveyancing and the firm now processes more than 3500 cases a month across the UK, operating out of offices in Dunfermline, Fife; Wakefield, Yorkshire; and Belfast, Northern Ireland.
Both these institutional and individual clients benefit from PSM’s technology, which offers clients 24-7 access to their case files via the internet. Customers no longer have to wait for letters informing them of case developments, they can simply log on, using a secure password, and view their case details online.
Kyle Peddie, co-founding partner, said while the company has enjoyed impressive expansion since its creation, the last 12 months have been the most tumultuous in the company’s history.
He said: “The PSM Law Group started 2003 with a clear strategy for growth throughout the UK based on diversification into other practice areas, a sound corporate style business and management structure, well trained and dedicated staff and mould breaking systems and technology.
“The year has exceeded all expectations – and we had set those pretty high.
“What we have seen happen is our heavy investment in new technology and the expansion of our Edinburgh office start to bear fruit, due in no small part to the ever-buoyant state of the property market. It is always very pleasing when a bold business decision pays off, but in truth we have always been a company willing to raise the bar to new levels.”
Michael Maloco, the group’s other co-founding partner, said the company has already laid the groundwork to ensure the continued success of The PSM Law Group over the next year – not least through the recently announced merger with Falkirk legal firm MooreMarshall.
The move saw partners Norrie Moore and Kenny Marshall join the board of The PSM Law Group and the former MooreMarshall office in West Bridge Street, Falkirk, will now trade as PSM-MooreMarshall for a year, before reverting to The PSM Law Group with all estate agency work falling under the group’s Hunters-psm division.
Mr Maloco said: “In many respects the coming year will be one of consolidating our gains while still looking to further expand. The creation of the Hunters-psm in Falkirk as well as number of key property projects, which we have in the pipeline in Edinburgh, will be key to this.
“We also want to build on our IT advantage, using the expertise of Norrie Moore, to further streamline our operations, making us more transparent in our dealings with customers and in achieving greater economies of scale which can be passed to customers.
“We believe we are better equipped than many legal firms to achieve this as we have the right quality of Partners allayed with a solid, experienced management team who have the knowledge and expertise to drive forward our plans.”
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