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Despite only being separated by a 42-mile stretch of the A8, Edinburgh and Glasgow remain resolutely distinct. Most of the country’s leading firms have offices in each city, which combine to form the ‘central belt’ - the heart of the country’s corporate and financial services markets.

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Regional review

Edinburgh and Glagow: The country’s transactional landscape has long been dominated by the so-called ‘Big Four‘, although the gap in turnover between the largest, Dundas & Wilson CS LLP, and the smallest, Shepherd and Wedderburn, continues to widen. The group is completed by Maclay Murray & Spens LLP and McGrigors LLP, which opened a new Manchester office in 2008.

While no legal market is immune from the impact of the credit crunch, Edinburgh’s reliance on financial services has seen it suffer more than most. The well-publicised travails of RBS and Bank of Scotland, which collectively employ 15,000 staff in Scotland’s capital and represent key sources of instructions for the country’s legal elite, has been of particular consequence. And with RBS and Bank of Scotland both becoming more London-centric following their respective part-nationalisation and acquisition by Lloyds TSB, concerns remain over the long-term significance of Scotland to each institution.

Despite this, Eversheds put an end to years of speculation by finally opening a small, finance-focused Edinburgh office, headed by former McGrigors LLP managing partner Colin Gray.

Scotland was also home to a number of law firm mergers in 2008. Anderson Strathern LLP pulled off two - with Glasgow firm Kerr & Co and private client boutique McVies; Lindsays boosted its Glasgow presence through a tie-up with Kidstons; and Morton Fraser acquired historic Edinburgh private client firm Skene Edwards.

Elsewhere, Brechin Tindal Oatts implemented a new corporate structure that saw managing partner Willie Young becoming chairman and practice manager Douglas Cowie taking a new chief executive role; Brodies LLP launched standalone financial services, public sector and funds groups; Tods Murray LLP elected David Dunsire as its new executive partner and created a new management board; and McClure Naismith LLP converted to LLP.

Aberdeen: In addition to being Scotland’s third largest city, Aberdeen’s position as hub of the UK oil and gas industry makes it a market of particular significance.

While this means it is less directly affected by wider economic issues, falling oil prices - which have dropped by 70% from the July 2008 peak of US$145 per barrel - has strained the market. The city’s law firms - which include corporate and finance heavyweight Paull & Williamsons and upstream oil and gas champion CMS Cameron McKenna LLP - anxiously await the expected recovery to US$70 per barrel.

Elsewhere in Scotland, declining dealflow saw Dundee property firm Blackadders LLP cut its fee-earner numbers by 20% and close two of its seven offices.

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