Scottish law firm Brodies has hailed its clients’ resilience during the Covid crisis as it released annual results which it said showed a year of “continued progress.”
It reported annual revenues of £82.5million for the 12 months to the end of April, up from £82m in 2019/20, with operating profits increasing to £39m from £38.5m over the period.
Average profit per equity partner at the Edinburgh-based firm, which has offices in Aberdeen and Dingwall, came in at an unchanged £679,901.
Pandemic caused some activity to pause
Brodies managing partner, Nick Scott, said: “The early part of the financial year saw clients assessing what the pandemic meant for their businesses, their organisations and their lives.
While some activity paused, clients quickly got on with addressing the pandemic’s impact and, from there, to working out how they would operate and live after the pandemic.
“This saw them continue to trust us with their instructions. The progress we are able to report is testament to those instructions, our clients’ faith in our firm, and the diversity of the sectors and services upon which it has been built.”
He continued: “From the outset, our boards committed to looking after our colleagues. We did not cut salaries or roles, which allowed us to maintain the quality legal services and support for which our clients know us.
“As a result, we begin the new financial year confident in the judgements made about our firm’s priorities in the 2020/21 year and humbled by the contributions of our colleagues and the trust our clients placed in our firm.”
New partners and staff at Aberdeen office
The year saw Brodies mark the 10th anniversary of the opening of its Aberdeen office, where staff numbers increased to 100, including the appointment of three new partners.
It was involved in a number of deals in the north-east during the period.
It also advised the management team of north-east service firm Hydrasun, which was acquired by Houston-headquartered private equity house SCF Partners.
Total headcount for the firm increased to 748 from 733 during the year.