Brodies posts record revenue as firm breaks £100million milestone

UK top 50 and leading Scottish law firm Brodies LLP has announced its thirteenth consecutive year of growth posting record revenue of £106.25m.

With revenue growth for the financial year to 30 April 2023 up 8% from £98.5m the previous year, operating profit also increased by 6% from £46.1m to £48.6m.

Throughout the year, Brodies continued to make progress across its main areas of practice - banking and finance, corporate and commercial, litigation, personal and family and real estate - with each reporting record income.

Investment in colleagues continued with headcount growing by 3% from 771 to 794. All eligible colleagues received a bonus of 6% in June 2023, adding to bonuses paid in January, June and November 2022.

In line with the firm's strategic plans, investment in premises continued with a new Inverness office opening in September 2022 and plans agreed for the upgrades to its Aberdeen and Glasgow offices, which will complete later this year. The firm also launched Brodies Middle East LLP, which, with its first UAE office in Abu Dhabi, will focus on supporting existing and new clients in the energy sector.

With the cost of investments in premises met, and colleague bonuses and other investments paid in full, cash balances at year end were £29.5m, an increase of 13% on the previous year.

Brodies managing partner, Nick Scott, said: "That each of our practice areas were able to report progress was down to our clients, and the colleagues who responded to their calls for our assistance. All of this is against a constantly changing backdrop where clients and colleagues alike have been responding to events such as the war in Ukraine, historically high inflation, uncertain financial markets, and an economy that has been, on some measures, more severely impacted than many of our European neighbours.

"So to record our thirteenth straight year of growth, and to become the first Scottish headquartered law firm to report income over £100m, underpins our continuous focus on our firm's strategic plans. And it would not have been possible without the support of our clients and the commitment of our colleagues - each one playing a part in helping us reach this milestone.

"Looking forward we will, later this year, set out our strategic plans for 2024 – 2027. We will enter that process with best in class offices in all our locations from which to further develop our local relationships and expertise, and a new members agreement, which our partners signed last summer, committing our firm to responsible and sustainable business practices, seeking to create opportunity for all, regardless of difference."

Highlights from the financial year in review include:

• The Chambers & Partners 2023 UK legal guide noted that Brodies has "one of the highest concentrations of elite departments in the [UK] guide. The firm has 50 rankings, 34 of which are in the top tier.

• The firm's Edinburgh office, Capital Square, was awarded best new fit out in Scotland from the British Council of Offices.

• Brodies received the inclusive culture award from The Employers Network for Equality and Inclusion.

• The firm collaborated with its colleague networks to create new policies and to introduce working practices that will support and maintain a culture of inclusion, including Smart Working, Family Leave, Dignity at Work, Pregnancy Loss, and a Menopause policy.

• Brodies partnered with the Scottish Ethnic Minority Lawyers' Association (SEMLA) and Black Professionals Scotland (BPS) to offer work experience placements and a formal internship programme where all participants secured further employment with the firm in both legal and business services roles.

• The firm continues to support communities and charities, in particular, its charity partner Alzheimer Scotland, and those focused on alleviating the impact of the rising cost of living.

• Continued growth of private client practice with the appointment of new partner, Jacqueline Stroud, and the promotion of Jessica Flowerdew to partner.

• Involved in every major public inquiry in Scotland.

• Advising Bruntwood SciTech in the acquisition and redevelopment of the iconic Met Tower to create a £60m technology and digital hub in the heart of Glasgow’s city centre and Glasgow City Innovation District.

• Acted for Katjes Greenfood (the investment arm of German confectionary group, Katjes, one of Germany's largest sweet manufacturers) on its acquisition of Genius Foods, the UK market leader in gluten-free ready-to-eat bakery products.

• Acted for the shareholders of Balhousie Care Group in the sale to AcalisCare. Balhousie own and operate 26 care facilities across Scotland, ranging from residential and nursing care to specialist care.

• Representing Quantum Energy Partners in their £300m investment to accelerate the redevelopment of Ardersier Port into a major energy transition facility for offshore wind and the decommissioning of oil and gas assets.

• Acted for Bluefloat Energy UK Holdings Limited in its successful defence of a £400m claim against it brought by a competitor company, Moray Offshore Regional Power Limited.

• Acting for Parks of Hamilton and Rangers Football Club in their ongoing dispute with the Scottish Professional Football League.

• Supported Insight Enterprises, Inc, headquartered in Arizona, on amendments to its existing facilities, advising on matters relating to UK law and co-ordinating counsel and specialist advice across Insight's EMEA locations.