Scottish independent firm Brodies has posted slower growth for the financial year 2016/17, with turnover up 2.4% to £66.7m, while profit per equity partner (PEP) has decreased slightly, down 2% from £597,000 to £585,000.
However, profits before partner distributions rose by 2.6% to £31.7m and the firm’s cash balances increased by 14.4% to £18.2m in the seventh consecutive year of revenue and profit growth for Scotland’s largest law firm.
Last year, turnover at Brodies, which has offices in Edinburgh, Glasgow, Aberdeen and Brussels, was up 12% to £65.1m, while PEP was also up 12%. Revenue had grown significantly over the last five years.
Highlights for the firm over the last year included acting as head legal adviser to Aberdeen City Council on its £370m index-linked bond issue on the London Stock Exchange and advising Scottish Water Business Stream on its acquisition of Southern Water’s non-domestic business. The firm also acted as an adviser to Abellio on the sale of 40% of the Greater Anglia rail franchise to Mitsui & Co.
Brodies managing partner Bill Drummond Legal Business that the firm would now embark on updating its current strategy to adapt to new market conditions in Scotland as a result of Brexit.
‘We will have a strategic review this year with a very informed position about market and client reaction to the current situation to see where our next round of investment should run.’
He added: ‘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.’