The role of legal advice by Brodies, Scotland’s largest law firm, in delivering one of Scotland’s biggest construction deals, has helped deliver a record turnover by the firm of £76.86 million.
“We acted for Drum Property Group in its deal with Barclays to develop it new headquarters at Buchanan Wharf in Glasgow, transforming a long ignored part of the waterfront. This deal marks a positive step for Glasgow’s commercial and residential property markets, in addition to creating jobs for the city and bolstering one of its key regeneration projects,’’ explained Nick Scott, the managing partner of Brodies.
Brodies’ record turnover for the financial year to 30 April 2019 represents growth of 12%, up from £68.59 million the previous year. Profits before partner distributions also increased, up 14% to £37.40 million from £32.86 million in 2018.
In the first 12 months of its latest three-year strategic cycle, and the first full financial year under managing partner, Nick Scott, who took over from the legendary Bill Drummond, who delivered unrivalled business performance in over his 20 year term.
If Nick Scott is nervous about following in such illustrious foot-steps, his maiden set of results show his team are in good fettle.
“If there was an overwhelming message, it would be that trading has been good. While there has been a lot of discussion devoted to Brexit, clients across all sorts of sectors had carried on with their day jobs, whether that was people organising themselves, or organisations in the public sector or businesses, people are getting on with life. We’ve had growth out of each one of our practice areas,’’ he told Scottish Business Insider.
These practice areas are in banking and finance, corporate and commercial, litigation, personal and family and real estate from Scottish, UK and international clients.
Scott, said: “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. In line with those plans the firm continued to invest in its people and infrastructure. The growth in our headcount and partnership shows that we are able to attract excellent lawyers and professionals to our firm. We’ve had more people on the pitch, which helped us get more market share,’’ he continued.
Overall headcount in the last 12 months increased by 6%, to 689 from 645. With six internal partner promotions in place for the current year and four lateral hires, the partnership has reached 100 for the first time, as of 30 April 2019.
There has also been significant growth in Aberdeen, where headcount grew by 16% over the year with colleagues joining the firm’s offices in Edinburgh, Dingwall and Glasgow.
Cash balances at the year-end increased to £21.8 million up from £19.55 million.
This year saw Brodies commit to new premises in Edinburgh, at Capital Square, where occupancy will be taken in 2020. With a mix of office and meeting space across the top three floors, it is the first office fit out in Scotland to be registered for WELL building certification.
“It is also essential that our colleagues benefit from a working environment that affords them the very best in modern working practices, consistent with the new offices we have secured in Aberdeen and Glasgow in recent years,” adds Scott. “The move will echo the commitments we have made to sustainability in those locations and will enable us to work more collaboratively with colleagues and clients alike, as well as providing premises that will support our future strategic plans.”
He also said that the firm’s strapline of ‘enlightened thinking’ was very much the continuing ethos of the firm.
Brodies’ objective – the delivery of market leading services in every one of its practice areas– remains at the heart of the firm’s strategic plans but it also considers a range of financial and other relevant objective measures.
Brodies was recognised as Scotland Law Firm of the Year 2019 by Who’s Who Legal, won the Law Awards of Scotland Innovation Award for Brodies Workbox online HR tool, was Legal Team of the Year at the Scottish Property Awards and gained recognition at the Managing IP Awards for IP Transactions and Scotland’s Trade Mark Contentious Firm of the Year.
Among other socially responsible activities, the firm has also continued its engagement with the PRIME programme helping students from under-represented groups to access work experience in law, with Nick Scott continuing in his role as board member of PRIME and its only Scottish representative, while Brodies also worked closely with Women Returners, The Lawscot Foundation and continued to develop its apprenticeship scheme.
