Clients show resilience
Bumper payout for partners in law firm Brodies’ record year
Nick Scott: ‘taking confidence from the resilience of our clients’
Partners in Scotland’s biggest law firm have enjoyed a bumper payout on the back of a record year under across all practice areas.
Profit per equity partner surged to £711,000 before interest on capital for the 12 months to the end of April from £615,000 the previous year. Profits before partner distributions increased 14% to £37.4 million from £32.86m in 2018.
Turnover hit an all-time high of £76.86m, a 12% rise on the £68.59m achieved in the previous year.
The record figure came in the first full financial year under managing partner, Nick Scott in which the firm has seen progress across the entire business.
Overall headcount in the last 12 months increased by 6%, to 689 from 645. With six internal partner promotions in place for the current year and four lateral hires, the partnership has reached 100 for the first time.
Significant growth was seen in Aberdeen, where headcount grew by 16% over the year with new colleagues also joining the firm’s offices in Edinburgh, Dingwall and Glasgow. Cash balances at the year-end increased to £21.8m up from £19.55m.
Mr Scott, said: “While much attention has focused on the Brexit negotiations and the ongoing political upheaval, there has been a better story, much less reported, this year. And that is one of clients – individuals, businesses and organisations – getting on with their own agendas. At Brodies, our response has been to take confidence from the resilience of our clients, and to stick to the task of implementing our own strategic plans.
“In line with those plans the firm continued to invest in its people and infrastructure. The growth in our headcount and partnership shows that we are able to attract excellent lawyers and professionals to our firm.”
Brodies will relocate to a newly-built Edinburgh head office in Capital Square behind the EICC, next year.
Mr Scott: “It is also essential that our colleagues benefit from a working environment that affords them the very best in modern working practices, consistent with the new offices we have secured in Aberdeen and Glasgow in recent years.
“The move will echo the commitments we have made to sustainability in those locations and will enable us to work more collaboratively with colleagues and clients alike, as well as providing premises that will support our future strategic plans.”