Focus on wellbeing
Brodies boosts headcount in 12th year of growth
Scottish law firm, Brodies, has reported a twelfth consecutive year of turnover growth for the 12 months to 30 April.
Revenue was up 19.5% to £98.5 million (2021: £82.5m) while operating profit increased to £46.1m from £39m.
The firm said it prioritised the wellbeing, roles and financial security of all colleagues at the height of the pandemic which was credited with it retaining a full complement of staff.
Continued investment in people over the last 12 months saw headcount increase from 748 to 771 with all eligible colleagues receiving bonuses in May 2021, January 2022, and June 2022. Seven were promoted to partner bringing total number on 1 May this year to 116.
More than 380 staff moved into the firm’s new Edinburgh office, Capital Square, and the London office opened in the summer of 2021. It has committed to new premises in Inverness, planned to open in Autumn this year.
With the full cost of the Capital Square project met, and colleague bonuses and other investments paid in full, cash balances at year end were £26m.
Brodies managing partner, Nick Scott, said: “Our clients, be they businesses, individuals or organisations, continue to seek the support of our firm on new and interesting instructions. We are grateful for their continued support to which our progress this year is testament.
“Our firm’s management boards remain focused on their core task of delivering the remaining outcomes targeted in our 2021-24 strategic plans.
“Throughout the year, investments continued to be made in people, with recruitment of colleagues in legal and business services teams, the payment of bonuses, and the introduction of new reward structures more closely aligning individual performance with reward. These measures represent the single largest investment in colleagues and colleague reward the firm has, to date, made.”
Work continued to deliver upon the firm’s broader responsibilities, including its commitment to the continuous reduction in its carbon footprint, including investment in more efficient buildings and the adoption of green energy tariffs.
Mr Scott added: “A new Members’ Agreement was approved by our partners, containing a commitment that our firm be run as a responsible and sustainable business, and openly recognising the commitment we hold to create opportunity for all, regardless of difference.
“We begin the 2022/23 financial year inspired by our clients and our colleagues, aware of the challenges but excited by the opportunities ahead, and conscious of our responsibilities as a business and to the communities in which we work.”
Transactions during the year included guidance to City of Edinburgh Council on the legislative process in relation to Low Emission Zones; supporting Orbital Marine Power in securing its strategic partnership with industry player Technip FMC; and acting for Henderson Park, the European private equity real estate firm, in the Scottish aspects of the acquisition of Silverburn shopping centre in Glasgow.
Brodies also acted for Stornoway Port Authority in the development of its £45m deep water terminal, and for housebuilders Tulloch Homes and Pat Munro in the development of hundreds of homes across Inverness and various locations across the Highlands.
The firm was ranked in the top 30 UK family-friendly employers by work-life balance charity, Working Families.