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Brodies reports 11 per cent organic revenues growth

Forms part of three-year strategy focused on Scotland

27 July 2015

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Scottish law firm Brodies has reported double-digit organic growth in turnover and profit in 2014/15.

The firm says it achieved these results without external funding or a merger and that it continues to be free from reliance on external debt.

"We are pleased with the progress we have made, building on our sustained growth over the past decade and more with the successful completion of the first year of our current three-year strategic period," said managing partner Bill Drummond.

"A strong balance sheet coupled with being owned, headquartered and run in Scotland enables us to seize opportunities for the benefit of clients quickly and efficiently as they arise, whether investing in technology, new premises, new services, developing our people or hiring leading lawyers."

Brodies reported an 11.2 per cent increase in turnover to £57.94m in the 12 months to 30 April 2015.

Costs increased by 8.8 per cent to £30.9m, leading to a 14.2 per cent increase in profits before partner distributions to £27.1m. Cash balances increased by 52.6 per cent to £14.85m.

Drummond noted that the firm experienced particularly strong demand for advice on dispute resolution and regulatory compliance in the second half of the year. Other practice groups did well too.

"Our corporate team advised on several of Scotland's highest-profile M&A deals, while banking & finance, energy, transport and real estate performed strongly, and there was a significant upturn in international activity," he said.

"We remain focused on our strategy of delivering on client needs in all sectors that are central to the sustained future success of the Scottish economy."

In 2014/15, the firm's total number of lawyers and staff grew by seven per cent to 603 people and its number of partners rose from 80 to 82 partners.

 

 

 

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