UK top 50 and leading Scottish law firm Brodies LLP has announced its 14th
consecutive year of growth, posting revenue of £114.3million.
In the financial year to April 30, 2024, the firm saw revenue grow by just over 7.5%, from £106.25million the previous year. Operating profit also increased from £48.6 million to £49.2million, and profit per equity partner was recorded at £846,000.
Progress was made across all core practice areas – banking and finance, corporate and commercial, dispute resolution and risk, personal and family, and real estate – with each one reporting record income.
Investments in people saw Brodies' headcount grow by 5%, from 794 to 837. That included three strategic lateral partner hires and three partner promotions. The firm also invested in salary increases and bonus payments; all eligible colleagues will receive a firmwide bonus of 3%, and individual performance bonuses were awarded during the year.
Brodies fulfilled its commitment to investing in its premises, with the upgrade of offices in Aberdeen and Glasgow completing earlier this year.
Cash balances at year-end were £20.9m, reflective of the firm's planned investment in recruitment, IT and in particular, infrastructure.
This year the firm is presenting consolidated accounts for the first time, reflecting the trading of Brodies Middle East LLP, a separate LLP which operates from Abu Dhabi and supports existing and new clients throughout the region.
Managing partner, Stephen Goldie
Managing partner Stephen Goldie said: "The progress that we have made across each of our practice areas is underpinned by clients who continue to trust us and seek our assistance in times of challenge and opportunity. All our practice areas are committed to delivering excellent service. Progress has been made notwithstanding another period of flux in the economic, social and political environment, where higher interest rates and headwinds from the transactional markets have impacted the business decisions and activities that clients undertake.
"Over the past year, we have invested in the areas that we consider critical to the continued growth of our firm; recognition for our colleagues, their skills and the value they bring to our clients, upgrading the places in which we work and collaborate, and advancing the technology that supports us in delivering first-class service to our clients.
"Our strategic plans for the next three-year cycle are now underway and we look to the future with confidence, in ourselves and in the resilience and ambitions of the clients that we work with."
Highlights from the financial year in review include:
- In Chambers UK Guide 2024, Brodies was recognised as one of the UK's top 20 law firms with the highest number of department rankings;
- Named regional firm of the year at the 2023 Legal Business Awards; legal adviser of the year at the Scottish Business Insider Deals and Dealmakers Awards 2023, and also received the award for diversity and inclusion.
- Brodies' Edinburgh office at Capital Square became the first project in Scotland to achieve WELL certification at platinum level, in recognition of its health and wellbeing considerations for colleagues and visitors.
- Launched a neuro-inclusion strategy to progress the firm's position as a neuro-inclusive employer.
- Continuing to support communities and charities, including: raising over £80,000 for the firm's chosen charity partner, Alzheimer Scotland through participation in the Three Peaks Challenge and being headline sponsor of Brain Health Scotland's 'My Amazing Brain’ programme, which promotes positive brain health.
- Advised on a £100 million joint credit facility to assist in the transformation of Ardersier Port in Inverness-shire, into a major energy transition facility.
- Advised VINCI Airports on the acquisition of the majority shareholding in Edinburgh Airport Limited – the company that owns Edinburgh Airport - for £1.27 billion.
- Acting for Multiplex Construction Europe Ltd in the public inquiry into the Queen Elizabeth University Hospital, Glasgow and Royal Hospital for Sick Children, Edinburgh.
- Advising in the purchase of Argyle House in Edinburgh, one of the highest value office acquisitions of the year.
- Advised international fintech company, Basware (a portfolio company of the software-focused US private equity fund, Accel-KKR) on the acquisition of AP Matching, a UK-based provider of invoice management and statement reconciliation solutions.
- Advised Gresham House British Sustainable Infrastructure Fund II LP on its successful final close at £450million.
- Acting for Ambassador Investment Management in the £250 million redevelopment of Ocean Terminal, Edinburgh.
- Acted successfully in F v F; a rare and important inner house judgement that demonstrated the court's ability to be flexible in its decision-making on financial provisions for divorcing parties, by looking at future as well as current resources.