Decade of continued growth marks new record for Brodies
Leading Scottish and top 50 UK law firm, Brodies LLP, has continued to make progress for the year to 30 April 2020, reporting a 7% increase in turnover to £82.0m (2018/19: £76.9m). This amounts to 20% growth in the last two years and marks the tenth consecutive year of progress for the firm.
Profits before partner distributions were £38.5m, up from £37.4m the previous year. Cash balances also increased from £21m to over £25m.
Overall headcount in the last 12 months grew to 728 from 689, an increase of 6%. With seven internal partner promotions in place for the current financial year and seven lateral hires in the last 18 months, the firm’s partnership now stands at 108.
Brodies supported Scottish, UK and international clients in its core practice areas of banking and finance, corporate and commercial, litigation, personal and family and real estate. It also launched Advocacy by Brodies – a leading set of solicitor advocates representing clients in the UK’s highest courts, tribunals and arbitrations, offering an alternative to the Scottish Bar.
Commenting on the latest set of results, Brodies managing partner, Nick Scott, said: “We experienced strong demand for our services this year and we are grateful to all of our clients – businesses, organisations and individuals, in Scotland, the UK and overseas – for their continued support. We place great emphasis on the resilience of our firm because we know that at times like these clients want to turn to advisers in whom they can have absolute confidence.
“The role of lawyers as trusted outside counsel has never been more important. To support our clients we invested in people, infrastructure and services to ensure our firm’s resilience in the years ahead and to underpin the planning process for our 2021 – 2024 strategic cycle. I continue to be inspired by our legal and business services colleagues, many of whom have been involved in driving new initiatives forward and who fulfil the role of trusted outside counsel for our clients as we all navigate a path through the pandemic.
“There is, of course, much to learn from the last six months. While guiding our colleagues and our clients through the pandemic is our first priority, we must also take the lessons we have learned about how the legal sector can adapt, how we use technology and how our courts, land registers and regulatory bodies can evolve. Together we can forge a legal system able to meet the needs of clients, and society, in the digital age.”
Highlights for the financial year in review include :
- Delivered deals worth more than £15 billion in the last 12 months, including:
- Acted for Chevron North Sea Limited providing transactional support, including preparatory due diligence, in respect of the sale of ten Central North Sea assets to Ithaca Energy
- Accel-KKR – advising on a series of international acquisitions that will grow the PE fund’s European portfolio
- AF Eagle GmbH – advising on a complex international acquisition in the UK online golf retail market, during the COVID-19 pandemic
- Fairmont St Andrews – acting for a Hong Kong investor in the purchase of one of Scotland’s premier hotel and golf resorts
- Northern Link Ltd – sale of a majority shareholding in Oslo-listed salmon company, creating one of Europe’s largest the producers
- All legal work for Buchanan Wharf in Glasgow, one of the largest construction projects in the UK, comprising over 1m sq feet
- Implemented a new practice management system to support the firm’s financial processes
- Continued investment in new Edinburgh premises (occupation in 2021), the first WELL accredited building in Scotland
- Launched renewed brand and website, reflecting on Brodies’ history and introducing Enlightened Thinking – underlining what colleagues value and clients expect