Scottish law firm Brodies has reported its 15th consecutive year of revenue growth, up 11% to £126.7 million for the year to the end of April, from £114.3m in the previous year.
Operating profit also grew to just over £50m from £49.2m. Profit per equity partner rose to £885,296 from £846,000.
All of the full-service firm’s core practice areas made progress with more instructions for work in Scotland, the UK and internationally.
Brodies’ continued investment in its people saw headcount increase by 5% to 883 from 837. This included the appointment of banking and finance partner James Wilson and seven internal partner promotions. The firm also awarded a 5% bonus to all eligible colleagues; alongside individual performance bonuses and salary increases.
Cash balances at year-end stood at £23.7m, up from £20.9m.
The latest results come as Iain Rutherford steps up to chair, succeeding Christine O’Neill KC, who completed four three-year terms in the role. Ms O’Neill continues in her role as partner.
Work commenced on an expansion of Brodies’ Inverness office to support the firm’s growth in the Highlands region.
In June, the firm held its inaugural all-colleague conference, Being Brodies: Live! where more than 600 colleagues came together to celebrate its culture and values.
Brodies managing partner Stephen Goldie said: “Achieving progress amid continuing domestic and global headwinds reflects the resilience and ambition of our clients in Scotland, across the UK, and internationally.
“Their trust in us to deliver results on complex and exciting mandates inspires us to work harder and smarter every day.
“Recording our fifteenth consecutive year of growth is testament to the strength of those relationships and the dedication of our colleagues to deliver exceptional legal services.
“As we enter the second year of our current three-year strategic cycle, we remain focused on those plans – recognising the talent and contribution of our colleagues, encouraging greater collaboration across our firm and with our clients, and investing in our offices and in technology that augments the high standards our clients expect.
“We also welcome our new chair, Iain Rutherford, and extend our utmost thanks to Christine O’Neill KC for the considerable wisdom and unwavering commitment she brought to the role of chair.
“Clients and colleagues alike will continue to benefit from those qualities in her role as a partner in our disputes team.
“The year in review marks my first full year as managing partner. In that time, it has been my privilege to work closely with many colleagues across the firm. I am continually impressed by the exceptional talent and kindness that I witness daily.”
Highlights from the financial year include acting for the Parkmead Group on the sale of Parkmead (E&P) to Serica Energy (UK) and for Three60 Energy on its acquisition of Samphire Subsea.
It also supported Judy Murray’s Learn to Lead initiative designed to equip and empower young girls to become Scotland’s next generation of sporting leaders.
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