Brodies reports £7m leap in profits
Scottish law firm, Brodies LLP, has reported a twelfth consecutive year of growth for the 12 months to 30 April 2022, reaching revenue of £98.5 million, up 19.5% from £82.5m the previous year.
Moving closer to £100m in revenue, the Edinburgh-based firm’s operating profit increased from £39m to £46.1m.
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. 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.”
Work continued to deliver upon the firm’s broader responsibilities, including its commitment to the continuous reduction in its carbon footprint, including investment in more efficient buildings and the adoption of green energy tariffs.
Mr Scott added: “A new Members’ Agreement was approved by our partners, containing a commitment that our firm be run as a responsible and sustainable business, and openly recognising the commitment we hold to create opportunity for all, regardless of difference.
“We begin the 2022/23 financial year inspired by our clients and our colleagues, aware of the challenges but excited by the opportunities ahead, and conscious of our responsibilities as a business and to the communities in which we work.”