Brodies profit up to £46m as revenue tops £98m

Brodies, Capital Square, Edinburgh

UK and Scottish law firm Brodies LLP said it has reported a twelfth consecutive year of growth for the 12 months to April 30, 2022.

The firm reported revenue of £98.5 million, up 19.5% from £82.5 million the previous year.

Operating profit increased from £39 million to £46.1 million.

The last 12 months saw the firm’s headcount increase from 748 to 771 with all “eligible colleagues” receiving bonuses in May 2021, January 2022, and June 2022.

Seven new partners were promoted, bringing total partner numbers on May 1, 2022 to 116.

“Throughout the year, Brodies assisted its clients to navigate a wide range of domestic, international, political and economic factors, against a constantly changing backdrop, with each practice area – banking & finance, corporate & commercial, litigation, personal & family, and real estate – delivering double digit income growth,” said Brodies.

“The financial year to April 2021 had seen the firm prioritise the wellbeing, roles and financial security of all colleagues at the height of the pandemic.

“That judgement saw it begin the year to April 2022 with a full complement of colleagues across all areas.

“Continued investment in people over the last 12 months saw headcount increase from 748 to 771 with all eligible colleagues receiving bonuses in May 2021, January 2022, and June 2022. Seven new partners were promoted, bringing total partner numbers on 1 May 2022 to 116.

“Investment in premises saw more than 380 colleagues move into the firm’s new Edinburgh office, Capital Square, in January 2022 – the first office designed to platinum WELL accreditation standards.

“Brodies also opened its London office in the summer of 2021 and has committed to new premises in Inverness, planned to open in Autumn 2022.

“With the full cost of the Capital Square project met, and colleague bonuses and other investments paid in full, cash balances at year end were £26m.”

Brodies managing partner Nick Scott said: “Our clients, be they businesses, individuals or organisations, continue to seek the support of our firm on new and interesting instructions.

“We are grateful for their continued support to which our progress this year is testament.

“Our firm’s management boards remain focused on their core task of delivering the remaining outcomes targeted in our 2021-24 strategic plans.

“Throughout the year, investments continued to be made in people, with recruitment of colleagues in legal and business services teams, the payment of bonuses, and the introduction of new reward structures more closely aligning individual performance with reward.

“These measures represent the single largest investment in colleagues and colleague reward the firm has, to date, made.”

Brodies said highlights for the financial year in review included:

  • Acted in multiple transactions for Accel-KKR,” including a complex, international private equity deal to unite two software leaders (in the US and UK) providing SaaS project-management solutions to the professional services sector.”
  • Supported Orbital Marine Power Ltd in securing their game-changing strategic partnership with industry player Technip FMC.
  • Provided guidance to City of Edinburgh Council on the legislative process in relation to Low Emission Zones.
  • Acted for Henderson Park, the European private equity real estate firm, in the Scottish aspects of the acquisition of Silverburn, a 100,000 sqm shopping centre in Glasgow.
  • Acted for Apollo Global Management in the Scottish aspects of the acquisition of Miller Homes from Bridgepoint Group. “We supported Apollo on all real estate, planning, construction, environmental, banking and tax elements of the transaction.”
  • Acting for Stornoway Port Authority in the development of its £45 million deep water terminal, which will strengthen transport links, support a range of diverse industries in the Western Isles, and increase capacity for cruise, energy and industrial projects, and see the creation of more than 200 jobs.
  • Acting for housebuilders including Tulloch Homes and Pat Munro in the development of hundreds of homes across Inverness and various locations across the Highlands.

About the Author

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.