Investment pays off
Another year of solid growth at Scots law firm Brodies
Revenues in the year to the end of April grew from £66.68 million to £68.59m, while profits before partner distributions also increased, up 3.5% or £1.1m to £32.86m.
On a like-for-like basis, minus the disposal of the personal Injury business in the previous financial year, the firm added £4m to annual revenue, up by 6.2% year on year.
Overall headcount increased from 567 to 645, which included five internal partner promotions and one lateral hire, bringing the partnership to 97.
The firm also opened its first office in the Highlands, with the addition of Dingwall to those in Aberdeen, Edinburgh, Glasgow and Brussels.
Margin for the year was 34.6%, demonstrating the firm’s commitment to sustainable, profitable growth. Cash balances at the year-end rose from £18.24m to £19.6m.
Managing partner, Nick Scott (pictured), said: “Our clients continue to be busy across all key sectors of the Scottish economy, as well as in the wider UK and overseas.
“By investing in people, IT and property, we have been able to deliver sustainable, profitable growth. Sharing this success with our people is key and as a result of their hard work, the firm will be paying its firmwide bonus to all eligible staff in recognition of their commitment to our firm and our clients.”
Highlights of the financial year in review include advising the shareholders of Barrhead Travel Group on its acquisition by US travel company, Travel Leaders Group; advising Craig Group on the sale of North Star Shipping; and working with Abellio on its bid for the East Midlands’ rail franchise. It is ls working on the St James project in Edinburgh for APG.
Brodies achieved 40 top tier practice area rankings and 68 ‘leading individual’ lawyer rankings in the independent legal directories – more than any other firm in Scotland.
Mr Scott added: “Whilst we await the outcome of the Brexit negotiations, in our own business we take heart from the resilience of our clients and the new opportunities they create, with challenging and innovative mandates.
“These results underpin our strategy of continued investment in market leading services, attracting new talent – Tony Jones QC joined the firm as partner this month – and developing excellent people in all roles across our offices.”