News In Focus
Brodies reports successful year
Brodies LLP, the law firm with the largest Scottish practice, has reported a 16% increase in turnover for the year ended 30 April 2012.
Investments including the establishment of a new office in Brussels, the further expansion of the Aberdeen office and the recruitment of a number of senior lawyers saw revenues climb to £42.8m in the first year of the firm's current three-year strategic cycle.
Costs rose by 12% to £25.2m, resulting in a 22% increase in operating profits to £17.6m before partner distributions. Partner count at the year end was up from 66 to 73, and total staff by 9% from 472 to 513.
Managing partner Bill Drummond said: "Amidst a period of economic turbulence, we have remained wedded to our strategy of delivering premium services and innovative solutions to all sectors that are important to the Scottish economy. This has included the expansion of our oil & gas and wider team in Aberdeen, and our decision to open an office in Brussels in recognition that the work of the European Commission will have an ever more direct impact on both corporate and public sector activity in Scotland.
"This investment strategy, combined with careful management of underlying costs, means we have no reliance on external debt - putting Brodies on a firm footing for future growth over the next two years of our 2011-14 strategic period."