Brodies close to £100m revenue mark
Brodies LLP has reported strong results for the 12 months to 30 April 2022, with a 12th consecutive year of growth.
The biggest Scottish-headquartered legal firm saw revenue climb to £98.5m, up 19.5% from £82.5m the previous year. Operating profit increased from £39m to £46.1m.
Continued investment in people over the last 12 months saw headcount increase from 748 to 771, with all eligible colleagues receiving bonuses in May 2021, January 2022, and June 2022. Seven new partners were promoted, bringing total partner numbers on 1 May 2022 to 116.
Investment in premises saw more than 380 partners and staff move into the firm's new Edinburgh office, Capital Square (featured in the March Journal), in January 2022. The firm also opened its London office in the summer of 2021 and has committed to new premises in Inverness, planned to open in autumn 2022.
Work continued to deliver on the firm's broader responsibilities, including its commitment to the continuous reduction in its carbon footprint, including investment in more efficient buildings and the adoption of green energy tariffs.
During the year Brodies introduced smart working, allowing staff to split their time between working from the office and home, and was ranked in the top 30 UK family-friendly employers by work-life balance charity, Working Families.
Cash balances at year end were £26m, after meeting the full cost of the Capital Square project, other investments, and colleague bonuses.
Brodies managing partner Nick Scott commented: "Our clients, be they businesses, individuals or organisations, continue to seek the support of our firm on new and interesting instructions. We are grateful for their continued support, to which our progress this year is testament. Our firm's management boards remain focused on their core task of delivering the remaining outcomes targeted in our 2021-24 strategic plans.
"Throughout the year, investments continued to be made in people, with recruitment of colleagues in legal and business services teams, the payment of bonuses, and the introduction of new reward structures more closely aligning individual performance with reward. These measures represent the single largest investment in colleagues and colleague reward the firm has, to date, made."
He continued: "A new members' agreement was approved by our partners, containing a commitment that our firm be run as a responsible and sustainable business, and openly recognising the commitment we hold to create opportunity for all, regardless of difference.
"We begin the 2022-23 financial year inspired by our clients and our colleagues, aware of the challenges but excited by the opportunities ahead, and conscious of our responsibilities as a business and to the communities in which we work."