News In Focus
Brodies continues upward trend with 2017-18 results
Brodies LLP, the biggest independent Scottish law firm, has reported further growth in its financial year to 30 April 2018.
Revenues grew to £68.59m from £66.68m in 2016-17, while profits before partner distributions also increased, up 3.5% or £1.1m, to £32.86m, compared to £31.73m the previous year, or just under £340,000 per partner.
While headline revenue growth came in at 2.86%, Brodies said that on a like for like basis, minus the disposal of its personal injury business in the previous financial year, it added £4m or 6.2% to its turnover.
Headcount over the year increased from 567 to 645, which included five internal partner promotions and one lateral hire, bringing the partnership to 97. The firm also opened its first office in the Highlands, with the addition of Dingwall to its Aberdeen, Edinburgh, Glasgow and Brussels bases. This month it is taking on 23 newly qualified lawyers.
April 2018 also marked the end of the firm’s strategic planning cycle which began in 2014, during which its annual revenues increased by £16.49m (31.6%), from £52.1m at the outset, and annual profit by £9.25m (39.2%). Margin for the year to 30 April 2018 was 34.6%.
The firm is a leading partner in the PRIME initiative by leading law firms to widen access to the legal profession to young people from all backgrounds by providing a week of work experience. The first trainee to have come through PRIME will join the firm in 2019. Its modern apprenticeships programme saw four of its apprentices secure permanent positions within the firm, and with its further support for the Scottish Schools Swimming Association, and charity partner Maggie’s Centres, it has achieved the Investors in Young People gold award
Brodies’ managing partner, Nick Scott, who succeeded Bill Drummond as the financial year ended, commented: "By investing in people, IT and property, we have been able to deliver sustainable, profitable growth. Sharing this success with our people is key and as a result of their hard work, the firm will be paying its firmwide bonus to all eligible staff in recognition of their commitment to our firm and our clients."
He continued: "As we move forward in our new strategic cycle to 30 April 2021, we do so against a backdrop of continued political and economic uncertainty. Whilst we await the outcome of the Brexit negotiations, in our own business we take heart from the resilience of our clients and the new opportunities they create, with challenging and innovative mandates. We have seen the evidence of that already in our new financial year, with our services in strong demand right across our business.
"These results underpin our strategy of continued investment in market leading services, attracting new talent – Tony Jones QC joined the firm as partner this month – and developing excellent people in all roles across our offices."