Scottish law firm records 14th consecutive year of growth – Scottish Business News

THE UK’s top 50 and the leading Scottish law firm Brodies LLP has declared its 14th straight year of expansion, achieving a revenue of £114.3 million.

During the fiscal year ending April 30, 2024, the firm experienced a growth in revenue of just over 7.5%, an increase from the previous year’s £106.25 million. The firm also saw an uptick in operating profit, rising from £48.6 million to £49.2 million, and saw an increase in profit per equity partner to £846,000.

The firm made strides in all its primary practice areas – including banking and finance, corporate and commercial, dispute resolution and risk, personal and family, and real estate – with each area reporting its highest income yet.

Brodies also saw its workforce expand by 5%, reaching a total of 837 employees. This growth was fueled by the addition of three strategic lateral partners and three partner promotions. The firm also allocated resources to salary raises and bonus schemes; all eligible employees will receive a company-wide bonus of 3%, and bonuses for individual performance were distributed throughout the year.

Brodies met its commitment to improving its facilities, with the renovation of offices in Aberdeen and Glasgow now complete.

At the end of the year, the firm had £20.9 million in cash reserves, a testament to its strategic investments in recruitment, IT, especially in infrastructure.

This year, Brodies is unveiling its consolidated financial statements for the first time, showcasing the operations of Brodies Middle East LLP, a separate legal entity based in Abu Dhabi that serves existing and new clients across the region.

Managing partner Stephen Goldie said: “The progress that we have made across each of our practice areas is underpinned by clients who continue to trust us and seek our assistance in times of challenge and opportunity. All our practice areas are committed to delivering excellent service. Progress has been made notwithstanding another period of flux in the economic, social and political environment, where higher interest rates and headwinds from the transactional markets have impacted the business decisions and activities that clients undertake.

“Over the past year, we have invested in the areas that we consider critical to the continued growth of our firm; recognition for our colleagues, their skills and the value they bring to our clients, upgrading the places in which we work and collaborate, and advancing the technology that supports us in delivering first-class service to our clients.

“Our strategic plans for the next three-year cycle are now underway and we look to the future with confidence, in ourselves and in the resilience and ambitions of the clients that we work with.”