Brodies profit tops £38m on £82m turnover

Brodies’ managing partner Nick Scott

Leading Scottish law firm Brodies LLP said on Tuesday it reported a 7% increase in turnover to £82 million for the year to April 30, 2020.

Profits before partner distributions were £38.5 million, up from £37.4 million the previous year.

Cash balances also increased from £21 million to over £25 million.

Brodies said it worked on deals worth more than £15 billion in the last 12 months.

Overall headcount in the last 12 months grew to 728 from 689.

The firm’s partnership now stands at 108.

Brodies said it supported Scottish, UK and international clients in its core practice areas of banking and finance, corporate and commercial, litigation, personal and family and real estate.

Brodies managing partner Nick Scott said: “We experienced strong demand for our services this year and we are grateful to all of our clients — businesses, organisations and individuals, in Scotland, the UK and overseas — for their continued support.

“We place great emphasis on the resilience of our firm because we know that at times like these clients want to turn to advisers in whom they can have absolute confidence. 

“The role of lawyers as trusted outside counsel has never been more important …

“There is, of course, much to learn from the last six months.

“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.” 

Brodies said its highlights for the financial year in review included:

  • Acted for Chevron North Sea Limited providing transactional support, including preparatory due diligence, in respect of the sale of ten Central North Sea assets to Ithaca Energy
  • Accel-KKR – advising on a series of international acquisitions that will grow the PE fund’s European portfolio
  • AF Eagle GmbH – advising on a complex international acquisition in the UK online golf retail market, during the COVID-19 pandemic
  • Fairmont St Andrews – acting for a Hong Kong investor in the purchase of one of Scotland’s premier hotel and golf resorts
  • Northern Link Ltd – sale of a majority shareholding in Oslo-listed salmon company, creating one of Europe’s largest the producers
  • All legal work for Buchanan Wharf in Glasgow, one of the largest construction projects in the UK, comprising over 1m sq feet

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.