Gillespie, which employs about 150 people including 22 partners, said profits had grown to £2.9m from £2m the previous year.

Turnover in the residential property section doubled, while income from rural property grew by a quarter and corporate law was up by 23 per cent. Other sectors including private client, financial services and litigation also performed strongly.

The practice, which earlier this year bought Haig Scott - its fifth acquisition in as many years - is set to smash the £10m turnover barrier in the current financial year.

Ian Turnbull, managing partner of Gillespie Macandrew, which was this year named Law Firm of the Year, said: "Four years ago our turnover was £3m, next year it will be north of £10m. "It's this growth that has cemented our position as one of Scotland's leading mid-sized firms."

He added: "I firmly believe that our one-stop offer, underpinned by a range of specialist skills, is what clients are looking for and where the future of the industry lies. In the meantime, we remain as ambitious and acquisitive as ever."

He said that the firm was strengthening its presence ahead of expected legal reforms or deregulation, which could allow high street companies such as Tesco to run their own legal operations.

Gillespie recently spent £100,000 on rebranding its image.