Brodies passes £100m revenue mark
Brodies has become the first Scottish law firm to record annual turnover of more than £100m.
Its results for the year ending 30 April 2023, released today, report revenue of £106.25, up 8% on the previous year and marking a 13th consecutive year of growth. Operating profit increased by 6% to £48.6m.
Over the year, headcount grew 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.
During the year Brodies introduced new policies and working practices to support and maintain a culture of inclusion, including smart working, family leave, dignity at work, baby loss, and a menopause policy. The firm also 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.
Investment in premises continued, with the new Inverness office opening in September 2022 and plans agreed for the upgrades to the Aberdeen and Glasgow offices, which will complete later this year. The firm also launched Brodies Middle East LLP, with its first UAE office in Abu Dhabi, to support existing and new clients in the energy sector.
Managing partner Nick Scott commented: "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 13th 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."