Brodies Revenue and Profits Jump By Double Figures
The Scottish firm has increased its profits while also growing its cash balances.
July 08, 2019 at 12:45 AM
2 minute read
Nick Scott, Brodies managing partner
Scottish heavyweight Brodies has markedly improved its turnover growth in its most recent financial results, with revenue jumping 12% to £76.86m for 2018-19, from £68.59m previously.
The firm's profits before partner distributions also saw double-digit growth, leaping by 14% to £37.40m from £32.86m.
Meanwhile, the firm's cash balances increased to £21.8m – up from £19.55m the previous year.
Managing partner Nick Scott said in a statement: "While much attention has focused on the Brexit negotiations and the ongoing political upheaval, there has been a better story, much less reported, this year. And that is one of clients – individuals, businesses and organisations – getting on with their own agendas. At Brodies, our response has been to take confidence from the resilience of our clients and to stick to the task of implementing our own strategic plans."
According to the firm, Brodies' headcount grew by 6% during the year to 689, which included the addition of four lateral partners. The firm also promoted six lawyers to its partnership.
Financial reporting season is well underway, with several firms announcing their figures.
Last week, Clifford Chance was first out of the gates for the Magic Circle, closely followed by rival Freshfields Bruckhaus Deringer.
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