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Law firm continues to expand

Brodies marks fifth year of rising sales and profits

Bill DrummondScottish law firm Brodies marked its fifth consecutive year of revenue and profit growth in spite of a challenging economic backdrop.

The Edinburgh-based firm reported an 11.2% increase in turnover to just over £57.9 million while profit per equity partner leapt 12% to £532,000.The profit growth defied a 9% rise in costs to £30.9m.

Lawyer and staff headcount at the firm grew 7% from 564 to 603 – the first time it has risen above 600. The number of partners rose from 80 to 82 and the number of other lawyers and professional advisers from 268 to 293. It hired rival firm Simpson & Marwick’s 15-strong family law team.

During the year the the firm moved into purpose-built offices in Aberdeen while plans are under way to move its Glasgow staff to new premises.

Managing partner Bill Drummond, who has been in the role since 1998, said: “The past financial year saw gradual improvement in the Scottish and wider UK economy, the historic referendum on the question of Scottish independence and continued change in the Scottish legal market, with the disappearance of yet more well-known independent firms.

“Against this backdrop, Brodies focused on delivering and investing in client services and engaging with individuals, business and organisations across the UK on the legal aspects of potential constitutional change.

“Improved economic stability led many clients to invest in their businesses and ventures and re-visit their personal affairs, and as a result our lawyers have been busier than ever, with those handling disputes and regulatory issues becoming particularly active in the second half of the year.”

 

 

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