Brodies reports 11.2 per cent revenue growth to £57.94m
Brodies LLP has reported that the successful completion of the first year of its 2014/17 strategic plan led to an 11.2 per cent increase in turnover to £57.94 million in the 12 months to 30 April 2015.
During the past financial year the firm continued to develop client services across its offices in Edinburgh, Glasgow and Aberdeen, increasing costs by 8.8 per cent to £30.9 million, leading to a 14.2 per cent increase in profits before partner distributions to £27.1 million.
Cash balances increased by 52.6 per cent to £14.85 million. 2015 marked the fifth consecutive year of revenue and profit growth for Brodies.
Over the past decade, the firm’s strategy has delivered a compound annual growth rate of 12 per cent.
In 2014/15, the total number of lawyers and staff at Brodies grew 7 per cent from 564 to 603, taking the firm’s headcount above 600 for the first time.
Over the same period, the number of partners rose from 80 to 82 and the number of other lawyers and professional advisers from 268 to 293; an increase of 9.3 per cent.
Following the recent recruitment of a three-partner family law team to expand its nationwide private client legal services for Scottish and international individuals, families and their advisers, the firm currently has 92 partners, 294 other lawyers and professional advisers, and remains the largest law firm in Scotland.
Highlights of the year have included:
Expanding Brodies’ PRIME programme, an initiative by a number of UK law firms to widen access to the legal profession to young people from all backgrounds, offering 26 places to school pupils from Edinburgh, Glasgow and Aberdeen.
Independent recognition of Brodies’ quality of service and the strength of the firm in the 2014/15 year included:
Bill Drummond , managing partner of Brodies, said: ““We are pleased with the progress we have made, building on our sustained growth over the past decade and more with the successful completion of the first year of our current three-year strategic period.
“A strong balance sheet coupled with being owned, headquartered and run in Scotland enables us to seize opportunities for the benefit of clients quickly and efficiently as they arise, whether investing in technology, new premises, new services, developing our people or hiring leading lawyers.”