Partners at Brodies, the Scottish law firm, received just shy of £1 million as it recorded its sixteenth consecutive year of growth, with all of its core practice areas making progress.
Revenue rose 11% to £138.8m for the 12 months ending 30 April, compared with £125.3m in the previous year.
Operating profit increased to £54.8m from just over £50m, while cash balances at year-end stood at £30.1m, up from £23.7m in the previous year. Profit per equity partner (PEP) was £930,000.
There were four lateral partner appointments in a 7% increase in headcount, from 883 to 944. All eligible staff will receive a firm-wide bonus of 5%.
The firm added to its UK footprint by opening an office in Leeds as well as adding further capacity to its Glasgow office.
Implementation of Brodies’ AI strategy progressed, driven by a cross-discipline taskforce designed to selectively adopt the tools and increase the use cases it believes will best help clients and improve workplace efficiency.
Highlights of the year included advising Seafood Ecosse on its acquisition of Macduff Shellfish Group, and advising Ramco Pipetech Holdings on the sale of one of its trading group companies, Ramco Holdings Norway AS.
The firm hosted the TerraLex conference in Edinburgh for more than 200 lawyers from jurisdictions all over the world.
Managing partner Stephen Goldie said: “The progress we continue to make is always aligned to that of our clients who demonstrate ambition and resilience every day. We thank them for trusting us to deliver the services they need.
“Our colleagues remain at the heart of our firm, each one contributing to our progress and for which we give our thanks.
“The calibre of senior lawyers joining us this year is a strong endorsement of the firm’s commitment to attract and retain outstanding talent.
“Investing in more space in our Glasgow office and opening in Leeds underlines our commitment to Scotland and servicing our UK clients.
“Technology remains high on our agenda as we continue to introduce tools and explore the benefits of AI. The firm recognises that the expertise of our people blended with AI tools is what many of our clients expect.”
Daily Business Bulletin: Subscribe here for our morning bulletin of breaking news
#Brodies #partner #pay #close #16th #growth #year #Daily #Business