Brodies holds steady through COVID year

Brodies LLP has reported revenue and profit both slightly up in its financial results for the year to 30 April 2021.

The biggest Scottish-headquartered law firm returned revenue of £82.5m, up from £82m in the previous year, with operating profit increasing from £38.5m to £39.0m. Cash balances grew to £30.7m from £25.4m.

Brodies said it traded through the year without accessing external resources, or borrowings, nor did it seek UK Government assistance in response to the COVID-19 pandemic. At the same time it added nine new partners, comprising five lateral hires and four promotions, bringing the partnership to 113 as at 1 May 2021. Total headcount grew from 733 to 748, with staff across the firm receiving a bonus in recognition of their contributions. 

Managing partner Nick Scott commented: "The early part of the financial year saw clients assessing what the pandemic meant for their businesses, their organisations and their lives. And while some activity paused, clients quickly got on with addressing the pandemic's impact and, from there, to working out how they would operate and live after the pandemic. This saw them continue to trust us with their instructions. 

"The progress we are able to report is testament to those instructions, our clients' faith in our firm, and the diversity of the sectors and services upon which it has been built. From the outset, our boards committed to looking after our colleagues. We did not cut salaries or roles, which allowed us to maintain the quality legal services and support for which our clients know us.

"As a result, we begin the new financial year confident in the judgments made about our firm's priorities in the 2020-21 year and humbled by the contributions of our colleagues and the trust our clients placed in our firm."