Brodies reports further growth in 2014-15

Double digit growth has been reported by Brodies, Scotland's largest home-based law firm, in its results for the year to 30 April 2015.

Revenue rose by 11.2% to £57.94m in this, the first year of the firm's 2014-17 strategic plan, while containment of cost increases at 8.8% (total £30.9m) saw profits jump by 14.2% before partner distributions to £27.1m. Over the past decade, the firm’s investment-led organic growth strategy has delivered a compound annual growth rate of 12%.

Investment activity included opening a new purpose-built office in Aberdeen to accommodate a local presence that is now 70 strong and growing, further new hires and internal promotions, and continued investment in IT and technology. Later this year Brodies’ teams in Glasgow will move into a new office at 110 Queen Street.

Partner strength rose from 80 to 82 during the year; the number of other lawyers and professional advisers went up from 268 to 293; while the total number of lawyers and staff grew 7% from 564 to 603. Lateral partner hires, including a family law team, have since taken the partner total to 92.

Along with a number of Scottish and UK awards, Brodies highlights the expansion of its PRIME programme, part of a pioneering initiative by the UK’s leading law firms to widen access to the legal profession to young people from all backgrounds. The firm offers 26 places to school pupils from Edinburgh, Glasgow and Aberdeen.

Managing partner Bill Drummond said that against the background of a gradual improvement in the Scottish and wider UK economy, the Scottish independence referendum and continued change in the Scottish legal market, Brodies had "focused on delivering and investing in client services and engaging with individuals, business and organisations across the UK on the legal aspects of potential constitutional change".

He commented: “We are pleased with the progress we have made, building on our sustained growth over the past decade and more with the successful completion of the first year of our current three-year strategic period. Improved economic stability led many clients to invest in their businesses and ventures and revisit their personal affairs, and as a result our lawyers have been busier than ever, with those handling disputes and regulatory issues becoming particularly active in the second half of the year. Our corporate team advised on several of Scotland’s highest-profile M&A deals, while banking & finance, energy, transport and real estate performed strongly, and there was a significant upturn in international activity.

“A strong balance sheet coupled with being owned, headquartered and run in Scotland enables us to seize opportunities for the benefit of clients quickly and efficiently as they arise, whether investing in technology, new premises, new services, developing our people or hiring leading lawyers.

“We remain focused on our strategy of delivering on client needs in all sectors that are central to the sustained future success of the Scottish economy."