Brodies revenue rises to record high of £66.7m

Brodies’ revenue climbed by 2.4% during the last financial year to reach a record high of £66.7m, up from £65.1m in 2015-16.

The rise in revenue came alongside a similar increase in profits before partner distributions to  £31.7m, up from £30.9m, with the firm’s cash balances increasing by 14% from £15.9m to £18.2m.

The 2016-17 results mark the seventh consecutive year of revenue and profit growth for the Scottish firm, which counts 94 partners across offices in Edinburgh, Glasgow, Aberdeen and Brussels,.

In a statement, managing partner Bill Drummond (pictured) 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. Against the backdrop [of Brexit], the increase in income that we are reporting is a satisfactory outcome for the year – indeed a new high point for the firm.”

Highlights for the year included acting as lead legal adviser to Aberdeen City Council when it became the first authority in Scotland to raise funds by issuing stock market bonds, worth £370m.

The increase in revenue to this year’s high of £66.7m would put Scotland’s largest law firm just outside the UK top 50, based on 2015-16 results.

Brodies’ positive financial results come after fellow Scottish firm Maclay Murray & Spens announced that it had secured a long-sought merger with Dentons, earlier this month. The union, due to go live later this year, is the latest in a string of mergers involving Scottish firms, leaving Brodies part of an ever-decreasing band of Scottish independents.