Brodies reports steady revenue growth

Brodies LLP, Scotland's largest home-based legal firm has reported revenue growth of 2.4% to £66.7m in its financial year to 30 April 2017.

Over the same period, profits before partner distributions rose by 2.6% to £31.7m and the firm’s cash balances increased by 14.4% to £18.2m.

Among the highlights during the year, the third of the firm's 2014-18 strategic plan, Brodies strengthened its teams in corporate & commercial, insurance & risk, real estate and energy & infrastructure, acted as lead legal adviser to Aberdeen City Council on its £370m index-linked bond issue on the London Stock Exchange, and won three "Firm of the Year" awards.

Brodies currently comprises 94 partners, 311 other professional advisers (including 18 who joined the firm on 1 July as trainee solicitors) and 217 support staff.

Bill Drummond, managing partner, commented: “All in all, it has been a very busy and at times quite dramatic year for Brodies and our clients, which underscores our satisfaction in recording another year of enhanced business performance for the firm across a number of measures.

“Along with most of our clients – British or overseas – at Brodies we were surprised by the news, on 24 June last year, that the UK had voted to leave the EU, and the consequences for Brexit and the economy are now having to be further digested following the UK general election result and the absence of any one party with a clear majority at Westminster.

“Against this backdrop the increase in income that we are reporting is a satisfactory outcome for the year, indeed a new high point for the firm. Our underlying strategy continues to be focused on further investment in relevant client services to deliver sustainable, profitable growth.”