Brodies credits client resilience as firm reports a year of continued progress
UK and leading Scottish law firm, Brodies LLP, has reported a year of continued progress for the 12 months to 30 April 2021.
The firm reported revenue of £82.5m, up from £82m in the previous year, with operating profit increasing from £38.5m to £39.0m. Cash balances also grew to £30.7m from £25.4m.
Throughout the year Brodies continued to trade without access to external resources, or borrowings, nor did it seek UK Government assistance in response to the COVID-19 pandemic. The firm credits its continued progress on the resilience of its clients and market leading instructions across its key practice areas of banking and finance, corporate and commercial, litigation, personal and family and real estate.
Investments continued to be made during the year. The firm added nine new partners with five lateral hires, and four colleagues promoted to the role of partner, bringing the partnership, as at 1 May 2021, to 113. Total headcount also grew in the year from 733 to 748. In recognition of their contributions, colleagues received a firmwide bonus.
Brodies managing partner, Nick Scott, said: “The early part of the financial year saw clients assessing what the pandemic meant for their businesses, their organisations and their lives. And while some activity paused, clients quickly got on with addressing the pandemic’s impact and, from there, to working out how they would operate and live after the pandemic. This saw them continue to trust us with their instructions.
“The progress we are able to report is testament to those instructions, our clients’ faith in our firm, and the diversity of the sectors and services upon which it has been built. From the outset, our boards committed to looking after our colleagues. We did not cut salaries or roles, which allowed us to maintain the quality legal services and support for which our clients know us.
“As a result, we begin the new financial year confident in the judgements made about our firm’s priorities in the 2020/21 year and humbled by the contributions of our colleagues and the trust our clients placed in our firm. They – our colleagues and our clients – will guide our path in the years ahead, drive our continued investment in our firm, and our support for the communities in which we operate.”
Highlights for the financial year in review include:
- Frostkrone Food Group – advised the German-headquartered food group on the strategic acquisition of Abergavenny Fine Foods, a market leader in the UK retail and food service sectors, as part of its continuing international expansion.
- Christine O’Neill QC appearing as counsel for the Equality and Human Rights Commission in the Supreme Court in a case about remedies in employment tribunal cases.
- The ECS Group – advised the UK’s largest digital transformation and IT consultancy business, with overseas operations, in the sale to GlobalLogic, a leading global software engineering services provider.
- Kersia – acted for the French biosecurity and food hygiene business in its acquisition of the UK-based Holchem Group from Ecolab, the resulting combined business being the second largest food safety business in Europe.
- Omega Diagnostics Group plc – advised on its fundraising on AIM following announced industry partnerships to support the COVID-19 response, including the UK Rapid Test Consortium (RTC) led by The University of Oxford.
- Acted for Drum Property Group in its equity investment in New Ingliston Ltd and its role in developing the 200-acre site in Edinburgh, considered to be one of Scotland’s most important strategic economic development areas.
- Acted for Korean investor clients of Knight Frank Investment Management in the acquisition of the Amazon Fulfilment Centre in Dunfermline, Fife.
- Secured the contract for the fit-out of Capital Square in Edinburgh, with occupancy expected in late 2021.
- Launched Breakfast with Brodies, a training programme designed to give all newly qualified solicitors across Scotland access to quality learning opportunities and to connect with industry peers.
- Achieved ranking of 24 in the Social Mobility Employer Index 2020 – the only Scottish headquartered independent law firm in the top 30.
- Advised on major international hotel deals worth in excess of £1 billion.
- The firm continued to support the communities in which its colleagues live and work, with donations made to more than 50 charities selected by colleagues.