Brodies becomes first Scots law firm to top £100m

Brodies, Capital Square, Edinburgh

Leading Scottish law firm Brodies LLP has announced its 13th consecutive year of growth, posting record revenue of £106.25 million.

Brodies said it is the first Scottish headquartered law firm to report income over £100 million.

With revenue growth for the financial year to April 30, 2023, up 8% from £98.5 million the previous year, operating profit also increased 6% to £48.6 million.

“Throughout the year, Brodies continued to make progress across its main areas of practice – banking and finance, corporate and commercial, litigation, personal and family and real estate – with each reporting record income,” said the firm.

“Investment in colleagues continued with headcount growing by 3% from 771 to 794. All eligible colleagues received a bonus of 6% in June 2023, adding to bonuses paid in January, June and November 2022.”

Brodies said investment in premises continued with a new Inverness office opening in September 2022 and plans agreed for the upgrades to its Aberdeen and Glasgow offices, 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.

Cash balances at year end were £29.5 million, an increase of 13% on the previous year.

Brodies managing partner Nick Scott said: “That each of our practice areas were 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 thirteenth 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.

“And it would not have been possible without the support of our clients and the commitment of our colleagues – each one playing a part in helping us reach this milestone.

“Looking forward we will, later this year, set out our strategic plans for 2024 – 2027.

“We will enter that process with best in class offices in all our locations from which to further develop our local relationships and expertise, and a new members agreement, which our partners signed last summer, committing our firm to responsible and sustainable business practices, seeking to create opportunity for all, regardless of difference.”