Brodies first Scots law firm to hit £100m revenue
Brodies has become the first Scottish legal practice to break the £100 million revenue milestone after reporting its 13th consecutive year of growth.
Income for the year to the 30 April rose 8%, just below the rate of inflation, to £106.25m while operating profit increased by 6% to £48.6m.
Investment in colleagues continued with headcount growing by 3% from 771 to 794. All eligible colleagues received a bonus of 6% in June 2023, adding to bonuses paid in January, June and November 2022
Throughout the year, Brodies continued to make progress across its main practice areas, with each reporting record income.
In line with the firm’s strategic plans, investment in premises continued with an Inverness office opening in September 2022 and plans agreed for the upgrades to its Aberdeen and Glasgow offices, which will complete later this year.
The firm also launched Brodies Middle East, which, with its first UAE office in Abu Dhabi, will focus on supporting clients in the energy sector.
With the cost of investments in premises met, and colleague bonuses and other investments paid in full, cash balances at year end were £29.5m, an increase of 13% on the previous year.
Managing partner, Nick Scott, said: “That each of our practice areas were able to report progress was down to our clients, and the colleagues who responded to their calls for our assistance.
“All of this is against a constantly changing backdrop where clients and colleagues alike have been responding to events such as the war in Ukraine, historically high inflation, uncertain financial markets, and an economy that has been, on some measures, more severely impacted than many of our European neighbours.
“So to record our thirteenth straight year of growth, and to become the first Scottish headquartered law firm to report income over £100m, underpins our continuous focus on our firm’s strategic plans.
“Looking forward we will, later this year, set out our strategic plans for 2024 – 2027. We will enter that process with best in class offices in all our locations from which to further develop our local relationships and expertise, and a new members agreement, which our partners signed last summer, committing our firm to responsible and sustainable business practices, seeking to create opportunity for all, regardless of difference.”