Brodies hails £100m Scottish legal milestone after 13th year of growth

Scottish legal heavyweight Brodies has seen its revenues push through £100 million after announcing its 13th consecutive year of growth.

Managing partner Nick Scott pointed to record income across each of the firm’s main areas of practice - banking and finance, corporate and commercial, litigation, personal and family and real estate - against a “constantly changing backdrop”. Overall revenues for the financial year to April 30 amounted to just under £106.3 million, up 8 per cent from the year before. Operating profit rose by 6 per cent to £48.6m.

During the year, the firm’s headcount grew from 771 to 794. All eligible colleagues received a bonus of 6 per cent in June, adding to bonuses paid in January, June and November 2022. With the cost of investments in premises met, and colleague bonuses and other investments paid in full, cash balances at year end were £29.5m, an increase of 13 per cent on the previous year. Investment in premises continued with a new Inverness office opening last September and plans agreed for upgrades to the Aberdeen and Glasgow operations, which will complete later this year. The firm also launched Brodies Middle East LLP, which, with its first UAE office in Abu Dhabi, will focus on supporting existing and new clients in the energy sector.

Scott said: “That each of our practice areas was able to report progress was down to our clients, and the colleagues who responded to their calls for our assistance. All of this is against a constantly changing backdrop where clients and colleagues alike have been responding to events such as the war in Ukraine, historically high inflation, uncertain financial markets, and an economy that has been, on some measures, more severely impacted than many of our European neighbours.

“So to record our 13th straight year of growth, and to become the first Scottish headquartered law firm to report income over £100m, underpins our continuous focus on our firm’s strategic plans. Looking forward we will, later this year, set out our strategic plans for 2024 to 2027.”

Meanwhile, mid-tier legal player Morton Fraser has reported its highest-ever annual revenue of £25.7m - an increase of 8 per cent year on year, and a hike of 25 per cent over the last two years. Revenue increases were reported in every division. The firm employs more than 260 people, has offices in Edinburgh and Glasgow with links internationally to a further 160 law firms. A bonus of 6 per cent of annual salary has been announced and, as in previous years, this will be paid to all staff, not just fee earners.

Chief executive Chris Harte said: “These results are testament to the hard work of our people and the confidence and support of our clients. Our commitment to developing talent remains key to what we do and allows us to get it right for our clients. We deliver for our clients through our people, and so we believe that it’s important to allow everyone to share in this success by way of a firm-wide bonus.”

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