Profit slightly ahead
Brodies’ investment builds on continued client trust
Nick Scott: ‘humbled’
Law firm Brodies said it continued to invest in the practice and grow headcount in a year of stand-still revenue and profit.
The Edinburgh-based firm reported revenue of £82.5m for the 12 months to 30 April 2021 against £82m in the previous year. Operating profit was also slightly ahead at £39m from £38.5m in the previous year. Cash balances grew to £30.7m from £25.4m.
Profit per equity partner for the 2020/21 financial year was just under £680,000, with payouts unchanged from the previous 12 months after the firm said it decided to ensure employees benefited from the recovery seen in activity levels during the year.
Throughout the year Brodies continued to trade without access to external resources, or borrowings, nor did it seek UK Government assistance in response to the COVID-19 pandemic.
The firm added nine partners with five lateral hires, and four colleagues were promoted to the role of partner, bringing the partnership, as at 1 May 2021, to 113. Total headcount grew from 733 to 748. In recognition of their contributions, all staff received a £1,500 firm-wide bonus. No salaries or roles were cut.
Brodies will move into new headquarters in Capital Square, Edinburgh in November and will be talking to staff about future working patterns.
Managing partner, Nick Scott, said: “The early part of the financial year saw clients assessing what the pandemic meant for their businesses, their organisations and their lives.
“While some activity paused, clients quickly got on with addressing the pandemic’s impact and, from there, to working out how they would operate and live after the pandemic. This saw them continue to trust us with their instructions.
“We begin the new financial year confident in the judgements made about our firm’s priorities in the 2020/21 year and humbled by the contributions of our colleagues and the trust our clients placed in our firm.”
Highlights for the financial year in review include:
- Frostkrone Food Group – advised the German-headquartered food group on the strategic acquisition of Abergavenny Fine Foods, a market leader in the UK retail and food service sectors, as part of its continuing international expansion.
- Christine O’Neill QC appearing as counsel for the Equality and Human Rights Commission in the Supreme Court in a case about remedies in employment tribunal cases.
- The ECS Group – advised the UK’s largest digital transformation and IT consultancy business, with overseas operations, in the sale to GlobalLogic, a leading global software engineering services provider.
- Kersia – acted for the French biosecurity and food hygiene business in its acquisition of the UK-based Holchem Group from Ecolab, the resulting combined business being the second largest food safety business in Europe.
- Omega Diagnostics Group – advised on its fundraising on AIM following announced industry partnerships to support the COVID-19 response, including the UK Rapid Test Consortium (RTC) led by The University of Oxford.
- Acted for Drum Property Group in its equity investment in New Ingliston and its role in developing the 200-acre site in Edinburgh, considered to be one of Scotland’s most important strategic economic development areas.
- Acted for Korean investor clients of Knight Frank Investment Management in the acquisition of the Amazon Fulfilment Centre in Dunfermline, Fife.
- Secured the contract for the fit-out of Capital Square in Edinburgh, with occupancy expected in late 2021.
- Advised on major international hotel deals worth in excess of £1 billion.