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Brodies profits soar by 14% as investment strategy pays off

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Brodies profits soar by 14% as investment strategy pays off

Brodies LLP has become the latest Scottish firm to report positive results as the economic recovery, now threatened by Brexit, takes hold.

The firm reports that in its financial year to 30 April 2016 revenues grew by 12.4 per cent to £65.1 million.

This was the sixth consecutive year of revenue and profit growth, achieved through sustained investment across Brodies’ offices in Edinburgh, Glasgow and Aberdeen. Over the same period, profit before partner distributions grew 14.2 per cent to £30.9 million and cash balances rose 7.3 per cent to £15.9 million.

During 2015/16, the total number of lawyers and staff at Brodies, which is debt-free, grew 4.6 per cent from 603 to 631. Over the same period, the number of partners rose from 82 to 91 (10.9 per cent) and the number of other lawyers and professional advisers from 290 to 303, an increase of 4.5 per cent. The firm currently has 92 partners.

Highlights of the year included:

  • Successful completion of the second year of the firm’s 2014/17 strategic plan, delivering sustained organic growth and a double-digit increase in turnover and profit without having to borrow or resort to merger.

  • Five lateral partner hires and seven partner promotions, strengthening Brodies’ teams in corporate & commercial; real estate; public law & regulatory; business disputes & asset recovery; banking; family; and land & rural business. This included the recruitment of a three-partner family law team to expand Brodies’ nationwide private client legal services.

  • 32 top tier practice area rankings in the independent legal directories.

  • Moving into a new office at 110 Queen Street, Glasgow.

  • Extending Brodies’ PRIME programme, a pioneering initiative by the UK’s leading law firms to widen access to the legal profession to young people from all backgrounds, to school pupils from Edinburgh, Glasgow and Aberdeen.

  • Celebrating a decade of support for the Scottish Schools Swimming Association and Maggie’s Centres, which provide UK-wide support for people whose lives are affected by cancer.

    • Bill Drummond, Managing Partner of Brodies,(pictured) said: “The partners are satisfied with the progress we have made over the past year and are grateful to our clients for their continued support and for putting their faith in us to advise them on a wide range of business, regulatory and personal matters.

    “Our focus on adapting to the ever-changing needs of our clients and ensuring that our services are relevant to our market, means that we are accustomed to responding rapidly when clients need us. This has never been more important than in the current climate, following the EU referendum on 23 June.

    “It is clear that we have entered a period of uncertainty, however we stand ready to support organisations and individuals, whether in Scotland, the rest of the UK or overseas, in facing the challenges that the Brexit vote will present as well as the opportunities that will undoubtedly emerge.

    “As Scotland’s largest full-service law firm, with the range of specialist expertise that we can offer clients, we are ideally placed to provide relevant, commercially-focused advice on the legal issues relating to Brexit and to help guide clients’ business decisions. Our Brexit Advisory Group is already providing informed advice to clients on the issues that have emerged and are likely to emerge in the coming months.

    “While the full consequences of last month’s vote are uncertain, Brodies will remain focused on going above and beyond as we stand beside our clients helping them navigate through the challenges ahead.”

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