Brodies closes in on £100 million revenue with twelfth consecutive year of growth

Nick Scott (Managing Partner of Brodies LLP)

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UK and leading Scottish law firm, Brodies LLP, has reported a twelfth consecutive year of growth for the 12 months to 30 April 2022.

The firm reported revenue of £98.5m, up 19.5% from £82.5m the previous year. Operating profit increased from £39m to £46.1m.

Throughout the year, Brodies assisted its clients to navigate a wide range of domestic, international, political and economic factors, against a constantly changing backdrop, with each practice area -banking & finance, corporate & commercial, litigation, personal & family, and real estate – delivering double digit income growth.

The financial year to April 2021 had seen the firm prioritise the wellbeing, roles and financial security of all colleagues at the height of the pandemic.  That judgement saw it begin the year to April 2022 with a full complement of colleagues across all areas. Continued investment in people over the last 12 months saw headcount increase from 748 to 771 with all eligible colleagues receiving bonuses in May 2021, January 2022, and June 2022.  Seven new partners were promoted, including family lawyers Susie Mountain, in Aberdeen, and Inverness-based Sarah Lilley, bringing total partner numbers on 1 May 2022 to 116.  

Investment in premises saw more than 380 colleagues move into the firm’s new Edinburgh office, Capital Square, in January 2022 – the first office designed to platinum WELL accreditation standards.  Brodies also opened its London office in the summer of 2021 and has committed to new premises in Inverness, planned to open in Autumn 2022.  

With the full cost of the Capital Square project met, and colleague bonuses and other investments paid in full, cash balances at year end were £26m.

Brodies managing partner, Nick Scott, said: “Our clients, be they businesses, individuals or organisations, continue to seek the support of our firm on new and interesting instructions. We are grateful for their continued support to which our progress this year is testament. Our firm’s management boards remain focused on their core task of delivering the remaining outcomes targeted in our 2021-24 strategic plans.” 

“Throughout the year, investments continued to be made in people, with recruitment of colleagues in legal and business services teams, the payment of bonuses, and the introduction of new reward structures more closely aligning individual performance with reward.  These measures represent the single largest investment in colleagues and colleague reward the firm has, to date, made.”   

Work continued to deliver upon the firm’s broader responsibilities, including its commitment to the continuous reduction in its carbon footprint, including investment in more efficient buildings and the adoption of green energy tariffs.

Nick Scott continues: “A new Members’ Agreement was approved by our partners, containing a commitment that our firm be run as a responsible and sustainable business, and openly recognising the commitment we hold to create opportunity for all, regardless of difference.”

“We begin the 2022/23 financial year inspired by our clients and our colleagues, aware of the challenges but excited by the opportunities ahead, and conscious of our responsibilities as a business and to the communities in which we work.”

Highlights for the financial year in review include:

  • Acted in multiple transactions for Accel-KKR, including a complex, international private equity deal to unite two software leaders (in the US and UK) providing SaaS project-management solutions to the professional services sector.
  • Supported Orbital Marine Power Ltd in securing their game-changing strategic partnership with industry player Technip FMC.
  • Provided guidance to City of Edinburgh Council on the legislative process in relation to Low Emission Zones.
  • Acted for Henderson Park, the European private equity real estate firm, in the Scottish aspects of the acquisition of Silverburn, a 100,000 sqm shopping centre in Glasgow.
  • Acted for Apollo Global Management in the Scottish aspects of the acquisition of Miller Homes from Bridgepoint Group. We supported Apollo on all real estate, planning, construction, environmental, banking and tax elements of the transaction.
  • Ranked in the top 30 UK family-friendly employers by work-life balance charity, Working Families.
  • The firm reinforced its commitment to mental health and wellbeing signing up to the Mindful Business Charter.
  • Funding the pilot phase of the Brain Health Scotland primary schools programme. Brain Health Scotland is an innovative initiative launched in collaboration with the firm’s charity partner, Alzheimer Scotland, and the Scottish Government. One of its aims is to inspire every Scottish young person to create good habits that will have a life-long impact on their brain health.
  • Introduced Smart working, allowing colleagues to split their time between working from the office and home.
  • Match-funding sums raised by colleagues for charities whose focus was helping those affected by war, including the war in Ukraine.

Notable north east and Highlands deals include:

  • Acted for the majority shareholders in the management buyback of the Parklands Group – one of the largest independent care home providers in the north of Scotland. 
  • Acted in the acquisition and Development Financing for Chrysaor Oil in respect of its merger with the Premier Oil Group.
  • Acted for the management team of Hydrasun in the purchase by SCF Partners of a majority shareholding in the group from Investcorp Bank BSC.
  • Advised Whisky Hammer Ltd (a whisky auction business) in the sell down of a large minority stake to Hong Kong based Rare Whisky Holdings.
  • Acted in connection with the financing of the construction of 4 supply vessels for North Star Renewables Group.
  • Advised Supercritical Solutions Ltd on USD $3.6m of equity investment from Jericho Energy Ventures (as lead investor) and Lowercarbon Capital and New Energy Technology (as co-investors).
  • Acting for Stornoway Port Authority in the development of its £45 million deep water terminal, which will strengthen transport links, support a range of diverse industries in the Western Isles, and increase capacity for cruise, energy and industrial projects, and see the creation of more than 200 jobs.
  • Acting for housebuilders including Tulloch Homes and Pat Munro in the development of hundreds of homes across Inverness and various locations across the Highlands.

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