Double-digit growth delivers a record year for Brodies
Brodies LLP has reported record turnover of £76.86 million for the financial year to 30 April 2019. This represents growth of 12 per cent, up from £68.59m the previous year. Profits before partner distributions also increased, up 14 per cent to £37.40m from £32.86m in 2018.
In the first 12 months of its latest three-year strategic cycle, and the first full financial year under managing partner Nick Scott, Brodies has seen progress in all of its practice areas - banking and finance, corporate and commercial, litigation, personal and family and real estate from Scottish, UK and international clients.
Overall headcount in the last 12 months increased by six per cent, to 689 from 645. With six internal partner promotions in place for the current year and four lateral hires, the partnership has reached 100 for the first time, as of 30 April 2019.
Significant growth was seen in Aberdeen, where headcount grew by 16 per cent over the year with new colleagues also joining the firm’s offices in Edinburgh, Dingwall and Glasgow.
Cash balances at the year-end increased to £21.8m up from £19.55m.
Mr Scott said: “While much attention has focused on the Brexit negotiations and the ongoing political upheaval, there has been a better story, much less reported, this year. And that is one of clients – individuals, businesses and organisations – getting on with their own agendas.
“At Brodies, our response has been to take confidence from the resilience of our clients, and to stick to the task of implementing our own strategic plans.
“In line with those plans the firm continued to invest in its people and infrastructure. The growth in our headcount and partnership shows that we are able to attract excellent lawyers and professionals to our firm.”