Legal heavyweight Brodies reports further revenue growth

Scottish legal heavyweight Brodies has delivered a tenth consecutive year of increased revenues, but significant investment in staff saw profits per equity partner dip 4 per cent to £680,000.

The role of lawyers as trusted outside counsel has never been more important, says managing partner Nick Scott. Picture: contributed.

Overall profits before partner distributions were up by 3 per cent to £38.5 million although a slowdown from the 14 per cent seen in the previous year. An increase in partner numbers resulted in the £30,000 drop at the individual level from the bumper £710,000 figure seen in 2018/19.

Seven internal partner promotions and seven lateral hires in the last 18 months have taken the number of partners at the firm to 108. The practice saw total headcount grow by 6 per cent to 728 during its latest financial year to 30 April 2020. Turnover increased to a record £82m, although the 7 per cent growth was lower than the 12 per cent seen the previous year.

Brodies, which says it is the largest law firm in Scotland measured by income, lawyer numbers and directory rankings, acted on corporate deals worth more than £15 billion in the last 12 months, including the sale by Chevron of ten North Sea assets to Ithaca Energy and the purchase of the Fairmont St Andrews hotel and golf resort. Staff also carried out all the legal work for Buchanan Wharf in Glasgow, one of the largest construction projects in the UK.

Managing partner Nick Scott said the firm had seen strong demand for its services, which encompass banking and finance, corporate and commercial, litigation, personal and family and real estate.

“The role of lawyers as trusted outside counsel has never been more important. To support our clients we invested in people, infrastructure and services to ensure our firm’s resilience in the years ahead and to underpin the planning process for our 2021 – 2024 strategic cycle,” he said.

“I continue to be inspired by our legal and business services colleagues, many of whom have been involved in driving new initiatives forward and who fulfil the role of trusted outside counsel for our clients as we all navigate a path through the pandemic.”

Scott said the impact of Covid-19 provides an opportunity to re-shape the legal system for the better. “While guiding our colleagues and our clients through the pandemic is our first priority, we must also take the lessons we have learned about how the legal sector can adapt, how we use technology and how our courts, land registers and regulatory bodies can evolve. Together we can forge a legal system able to meet the needs of clients, and society, in the digital age.”

During the year the practice launched “Advocacy by Brodies”, providing representation in the UK’s highest courts.

SCOTSMAN.COM

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