Brodies has handed members of its near-800 strong workforce a 6% bonus for helping it become the first Scottish-based law firm to achieve a £100 million revenue “milestone”.
The extra cash for “eligible” colleagues reflects a 6% increase in annual profits and follows bonuses in January, June and November last year.
Managing partner Nick Scott said Brodies was “budgeting for growth” in 2023-24 and there would be another boost to salaries this November.
Aberdeen and Inverness offices both growing their headcounts
The firm now has 102 people in its Aberdeen office, having added 23 to its Granite City-based team during the past year.
Its Highland office boasts 12 people, about twice as many as there were this time last year, following its relocation from Dingwall to Inverness.
Brodies also has offices in Edinburgh, Glasgow, London, Brussels and Abu Dhabi.
Mr Scott said the firm’s 13th consecutive year of revenue growth over the 12 months to April 30 2023 was achieved despite a “constantly changing backdrop”.
Challenging global backdrop
He added: “That each of our practice areas were able to report progress was down to our clients, and the colleagues who responded to their calls for our assistance.
“Clients and colleagues alike have been responding to events such as the war in Ukraine, historically high inflation, uncertain financial markets and an economy that has been, on some measures, more severely impacted than many of our European neighbours.
“So to record our 13th straight year of growth, and to become the first Scottish headquartered law firm to report income over £100m, underpins our continuous focus on our firm’s strategic plans.
“It would not have been possible without the support of our clients and the commitment of our colleagues – each one playing a part in helping us reach this milestone.”
Mr Scott said Brodies continued to make progress across its main areas of practice – banking and finance, corporate and commercial, litigation, personal and family and real estate, with each reporting record income.
Planning for the future
He continued: “Looking forward we will, later this year, set out our strategic plans for 2024-2027. We will enter that process with best-in-class offices in all our locations from which to further develop our local relationships and expertise, and a new members agreement, which our partners signed last summer, committing our firm to responsible and sustainable business practices – seeking to create opportunity for all, regardless of difference.”
Upgrades to the Aberdeen and Glasgow offices are due to be completed later this year.
Transition benefits ahead
Energy transition is expected to be a key driver for the Aberdeen and Inverness offices in the year ahead, with the latter also likely to benefit from green freeport status for Inverness and the Cromarty Firth.
Revenue across all offices in 2022-23 was up 8% on the previous year, at £106.25m.
Operating profits increased by 6% to £48.6m. Brodies said total headcount grew 3% to 794.
Brodies’ highlights of 2022-23
Highlights from 2022-23 include Malcolm Gunnyeon joining the firm’s Aberdeen office as a partner after leaving Dentons.
Meanwhile, Granite City-based oil and gas lawyer Laura Petrie was promoted to partner in the firm’s latest round of internal promotions.
Business deals worked on included Brodies representing Quantum Energy Partners in a £300m investment to accelerate the redevelopment of Ardersier Port into a major energy transition facility.
