Brodies' formula for success after Scotland's largest law firm achieves record £114 million turnover

Brodies, the Scottish legal heavyweight, will hand hundreds of its staff bonuses after notching up its 14th consecutive year of growth.

The firm’s latest results show that revenue grew by just over 7.5 per cent to £114.3 million in the year to April 30, compared with the previous 12 months. Operating profit increased from £48.6m to £49.2m, and profit per equity partner was recorded at £846,000.

Managing partner Stephen Goldie pointed to progress across all core practice areas - banking and finance, corporate and commercial, dispute resolution and risk, personal and family, and property – with each one enjoying record income. The firm’s headcount grew by about 5 per cent to 837 during the year. That included three strategic lateral partner hires and three partner promotions. It also invested in salary increases and bonus payments. All eligible colleagues will receive a firm-wide bonus of 3 per cent, and individual performance bonuses were awarded during the year.

Stephen Goldie is managing partner of Scottish legal firm Brodies.

Edinburgh-headquartered Brodies - Scotland’s largest indigenous law firm - said it had fulfilled its commitment to investing in its premises, with the upgrading of offices in Aberdeen and Glasgow completing earlier this year. Cash balances at year-end were £20.9m, reflective of the firm's planned investment in recruitment, IT and, in particular, infrastructure.

This year the legal giant is presenting consolidated accounts for the first time, reflecting the trading of Brodies Middle East LLP, a separate entity which operates from Abu Dhabi and supports existing and new clients throughout the region.

Deal highlights in the past year included advising on a £100m joint credit facility to assist in the transformation of Ardersier Port in Inverness-shire into a major energy transition facility, advising Vinci Airports on the acquisition of the majority shareholding in Edinburgh Airport for £1.27 billion and providing advice for the purchase of Argyle House in Edinburgh, one of the highest value office acquisitions of the year.

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. 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,” he added.

The firm said it had continued to support communities and charities, including raising more than £80,000 for its charity partner Alzheimer Scotland.