Brodies LLP, Scotland’s largest law firm, reports record turnover of £76.86m for the financial year to 30 April 2019. This represents growth of 12%, up from £68.59m the previous year. Profits before partner distributions also increased, up 14% to £37.40m from £32.86m in 2018.
In the first 12 months of its latest three-year strategic cycle, and the first full financial year under managing partner, Nick Scott, Brodies has seen progress in all of its practice areas - banking and finance, corporate and commercial, litigation, personal and family and real estate from Scottish, UK and international clients.
Overall headcount in the last 12 months increased by 6%, to 689 from 645. With 6 internal partner promotions in place for the current year and four lateral hires, the partnership has reached 100 for the first time, as of 30 April 2019. 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.
Commenting on the latest set of results, Brodies’ managing partner, Nick 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.”
This year saw Brodies commit to new premises in Edinburgh, at Capital Square, where occupancy will be taken in 2020. With a mix of office and meeting space across the top three floors, it is the first office fit out in Scotland to be registered for WELL building certification.
“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,” adds Nick. “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.”
Brodies’ overarching objective – the delivery of market leading services in every one of its practice areas– remains at the heart of the firm’s strategic plans but it also considers a range of financial and other relevant objective measures.
Highlights for the financial year in review include:
· Key investment being made in the firm’s practice management system.
· Industry recognition: Scotland Law Firm of the Year 2019 by Who’s Who Legal, The Law Awards of Scotland Innovation Award for Brodies Workbox online HR tool, Legal Team of the Year at the Scottish Property Awards and recognition at the Managing IP Awards for IP Transactions and Scotland’s Trade Mark Contentious Firm of the Year.
· Continued engagement with the PRIME programme helping students from under-represented groups to access work experience in law, with Nick Scott continuing in his role as board member of PRIME and its only Scottish representative.
· The commitment and generosity of Brodies’ colleagues to longstanding charity partner Maggie’s when five members of the team embarked on a fundraising Arctic Trek in February.
· In the year Brodies also worked closely with Women Returners, The Lawscot Foundation and continued to develop its apprenticeship scheme.
“Whether the 2019/20 year will bring more settled trading arrangements remains to be seen,” continues Nick. “Whatever the outcome, at Brodies we remain committed to our clients, our colleagues, our communities and to the relentless implementation of our own strategic plans.
“Those plans recognise the challenges, but direct us to the opportunities, for people, businesses and organisations to continue to make progress in all areas of the economy. It is our belief that in this recognition lies the path to sustainable, profitable, growth.”