Legal heavyweight Brodies sees revenues nudge closer to £100 million after year of investment

Scottish legal heavyweight Brodies is closing in on £100 million of revenues after racking up a 12th consecutive year of growth.

By Scott Reid
Monday, 4th July 2022, 7:16 am

The firm, which operates out of offices in Aberdeen, Brussels, Edinburgh, Glasgow, Inverness and London, reported full-year revenue of £98.5m, up 19.5 per cent from £82.5m the previous year. Operating profit increased from £39m to £46.1m.

Investment in premises saw more than 380 colleagues move into the firm’s new Edinburgh office, Capital Square, in January 2022. Brodies also opened its London office in the summer of 2021 and has committed to new premises in Inverness, planned to open this autumn.

The financial year to April 2021 saw the Edinburgh-headquartered firm prioritise the wellbeing, roles and financial security of all colleagues at the height of the pandemic.

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 and January and June of this year. Seven more partners were promoted, bringing total partner numbers on 1 May 2022 to 116.

With the full cost of the Capital Square project met, and colleague bonuses and other investments paid in full, cash balances at year end were £26m.

Managing partner Nick Scott said: “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.

Brodies managing partner Nick Scott: 'We begin the 2022/23 financial year inspired by our clients and our colleagues, aware of the challenges but excited by the opportunities ahead.'

“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.”

Highlights during the financial year under review included acting in multiple transactions for Accel-KKR and supporting Orbital Marine Power in securing its strategic partnership with industry heavyweight Technip FMC.

The firm’s lawyers provided guidance to City of Edinburgh Council on the legislative process in relation to low emission zones. They also acted for Apollo Global Management in the Scottish aspects of the acquisition of Miller Homes from Bridgepoint Group.

Work continued to deliver upon the firm’s broader responsibilities, including its commitment to the continuous reduction in its carbon footprint, covering areas such as investment in more efficient buildings and the adoption of green energy tariffs.

Scott added: “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.”

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