The firm also saw its cash balances increase by 14.4 per cent to £18.2 million in what was the seventh consecutive year of revenue and profit growth for Scotland’s largest law firm. The company said that the uptick was achieved ‘through continued investment in services for its clients despite the political and economic uncertainty that followed last year’s Brexit vote’. Brodies has offices in Edinburgh, Glasgow, Aberdeen and Brussels and currently comprises 94 partners and 311 other professional advisers.
Meeting business objectives
Highlights of the financial year in the firm’s review include the successful completion of the third year of the firm's 2014/18 strategic plan, delivering sustained organic growth with no reliance on external debt. In addition the firm made three lateral partner hires and two internal partner promotions, strengthening Brodies’ teams in corporate and commercial, insurance and risk, real estate and energy and infrastructure.
Key accounts
During the year Brodies also acted as lead legal adviser to Aberdeen City Council on its landmark £370 million index-linked bond issue on the London Stock Exchange and advised Scottish Water Business Stream on its successful acquisition of Southern Water's non-domestic business to allow it to expand its operations south of the Border. It also acted as lead adviser to Abellio on its sale of 40 per cent of the Greater Anglia rail franchise to global conglomerate Mitsui & Co Ltd.
A dramatic year
Bill Drummond, managing partner of Brodies, said: ‘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.’
Growth in the face of Brexit
He added: 'Along with most of our clients – British or overseas – at Brodies we were surprised by the news, on the 24th of June last year, that the UK had voted to leave the EU and the consequences for Brexit and the economy are now having to be further digested following the UK General Election result and the absence of any one party with a clear majority at Westminster. Against this backdrop the increase in income that we are reporting is a satisfactory outcome for the year, indeed a new high point for the firm. Our underlying strategy continues to be focused on further investment in relevant client services to deliver sustainable, profitable growth.'
Important for Scotland to welcome EU workers
He went on to say: ‘To us, as with many clients, it is especially important that Scotland is able to retain and welcome workers from the EU and elsewhere who make such a valuable contribution to most sectors of our economy.’
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