Challenging times ahead

As we turn into 2009 the world of business is in some turmoil with expectations linked to a gloomy medium term prognosis.

Since March 2008 we have incrementally altered the structure of our business with 20% of our legal complement moving from quieter areas of the business to new and busier ones.  It is a real testament to those relocated lawyers that our restructuring has been so successful.  Our new matter numbers are significantly up and we still predict growth of between 5% and 7% this financial year compared with last year.  We strongly believe that our key focus should be the sustainability of our business and its growth.

It is such a difficult time in the economy that it is very difficult to predict with any certainty how Scotland's economy will look in early 2010.  For our part, we continue to rigorously patrol our business, relentlessly managing costs, and run at every potential new client or new market opportunity.  Happily, significant numbers of new clients continue to consult the firm and we are very busy responding to tender opportunities presented to us, particularly in the areas of banking, housing and the public sector markets. 

It is important for us too, that help and support is given to our clients that are enduring difficult trading with declining robustness of their business model.  It is a time for us all to pull together and work in true partnership.  We, alike to our clients, are working hard to ensure that when better times emerge we are well equipped to deal with them. 

On a personal note, as the architect of the Single Survey/Home Report scheme, which became compulsory in Scotland for the domestic conveyancing market from 1st December 2008, I am naturally anxious to see its success.  Happily it appears the tide is turning and consumers are seeing the benefits.

On behalf of the firm, our collective best wishes for 2009 and beyond.

Professor Lorne D Crerar, Chairman

January, 2009