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Brodies reports 2.4 per cent revenue growth to £66.7 million

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Brodies LLP has reported that in its financial year to 30 April 2017 revenues grew by 2.4 per cent to a record £66.7 million. Over the same period, profits before partner distributions rose by 2.6 per cent to £31.7 million and the firm’s cash balances increased by 14.4 per cent to £18.2 million.

This was the seventh consecutive year of revenue and profit growth for Scotland’s largest law firm, and was achieved through continued investment in services for its clients despite the political and economic uncertainty that followed last year’s Brexit vote.

Highlights of the financial year in review have included:

  • Three lateral partner hires and two internal partner promotions, strengthening Brodies’ teams in corporate & commercial; insurance & risk; real estate and energy & infrastructure.

  • Acting as lead legal adviser to Aberdeen City Council on its landmark £370 million index-linked bond issue on the London Stock Exchange; advising Scottish Water Business Stream on its successful acquisition of Southern Water’s non-domestic business to allow it to expand its operations south of the Border; and acting as lead adviser to Abellio on its sale of 40 per cent of the Greater Anglia rail franchise to global conglomerate Mitsui & Co. Ltd.

  • 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, which involves school pupils from Edinburgh, Glasgow and Aberdeen. Seven students who have taken part in Brodies’ PRIME programme have now secured places at university to study law.

    • Bill Drummond, managing partner of Brodies (pictured), said: “All in all, it has been a very busy and at times quite dramatic year for Brodies and our clients, which underscores our satisfaction in recording another year of enhanced business performance for the firm across a number of measures.”

    “Along with most of our clients – British or overseas – at Brodies we were surprised by the news, on 24 June last year, that the UK had voted to leave the EU and the consequences for Brexit and the economy are now having to be further digested following the UK General Election result and the absence of any one party with a clear majority at Westminster.

    “Against this backdrop the increase in income that we are reporting is a satisfactory outcome for the year, indeed a new high point for the firm. Our underlying strategy continues to be focused on further investment in relevant client services to deliver sustainable, profitable growth.”

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