Aberdeen bond helps Brodies to record revenues

Brodies managing partner Bill Drummond

Scottish law firm Brodies LLP said its revenues grew 2.4% to a record £66.7 million in its financial year to April 30, 2017.

Over the same period, profits before partner distributions rose 2.6% to £31.7 million and the firm’s cash balances increased 14.4% to £18.2 million.

Brodies, which has offices in Edinburgh, Glasgow, Aberdeen and Brussels, has 94 partners, 311 other professional advisers — including 18 graduate recruits who joined the firm on July 1 to take up training contracts — and 217 support staff.

Highlights of the year included acting as lead legal adviser to Aberdeen City Council on its pioneering £370 million bond issue, advising Scottish Water Business Stream on its acquisition of Southern Water’s non-domestic business, and acting as lead adviser to Abellio on its sale of 40% of the Greater Anglia rail franchise to conglomerate Mitsui & Co. Ltd.

Brodies’ managing partner Bill Drummond said: “All in all, it has been a very busy and at times quite dramatic year for Brodies and our clients, which underscores our satisfaction in recording another year of enhanced business performance for the firm across a number of measures.

“Along with most of our clients – British or overseas – at Brodies we were surprised by the news, on 24 June last year, that the UK had voted to leave the EU and the consequences for Brexit and the economy are now having to be further digested following the UK General Election result and the absence of any one party with a clear majority at Westminster.

“Against this backdrop the increase in income that we are reporting is a satisfactory outcome for the year, indeed a new high point for the firm.

“Our underlying strategy continues to be focused on further investment in relevant client services to deliver sustainable, profitable growth.

“That said, in common with our clients, we hope and expect our politicians and negotiators in the years ahead to be pragmatic and collaborative in their dealings with our EU partners to ensure that as little economic damage as possible is done and that we can continue to grow our businesses and create long-term job opportunities in Scotland.

“To us, as with many clients, it is especially important that Scotland is able to retain and welcome workers from the EU and elsewhere who make such a valuable contribution to most sectors of our economy.”