Revenues top £46m and operating profits before partner distributions up 9.3% to £19.3m
Law firm Brodies LLP is reporting a a 7.5 per cent rise in revenue to £46 million in the financial year to April 30 2013.
The firm, in the second year of its three-year strategic plan, had reported revenues growth of 16 per the previous year.
Operating expenses rose 6.4 per cent to £26.8 million, driven by investment activity, which resulted in a 9.3 per cent rise in operating profits before partner distributions to £19.3 million.
Brodies said these latest results mark the third consecutive year of revenue and profit growth.
The Edinburgh headquartered firm said it does not disclose the level of partner distribution, but adds it carries no bank debt and has maintained a cash balance in excess of £6 million the past three years.
Brodies said the number of fee-earning staff rose from 318 to 326 during the financial year, and the firm now employs 534 staff in total against 513 the previous year.
In Aberdeen, Brodies added 12 staff last year, including six new lawyers – three of whom are partners - to take the total number of lawyers in Aberdeen to 28.
Brodies said it added six lateral partner hires last year in corporate and commercial; employment, pensions and benefits; property and dispute resolution and litigation.
The firms managing partner, Bill Drummond, was also named the UK Management Partner of the Year at the Legal Business Awards 2013.
He said: “The year just passed witnessed sweeping changes in the legal market in Scotland - be it mergers, takeovers or firms ceasing to trade. Change will continue and will present challenges and, more importantly, opportunities for us and our clients.
“Against this background the firm remains resolute - delivering for clients a premium service, displaying accuracy, innovation and flair within and from Scotland to all sectors that are key to the Scottish economy.
"Our unremitting focus is on going above and beyond clients' expectations. It is by keeping clients at the heart of everything we do, and by maintaining our reputation as an independent firm that is home to many of Scotland's top lawyers and practice areas, that we hope to continue to deliver the sustained, organic growth we have seen over a decade and more.
"The targeted investment that is being made across the business - in people and infrastructure - positions us well to benefit from stabilising market conditions and our strong balance sheet means that Brodies' management team can continue to seek suitable investment opportunities to further enhance the service we deliver to our clients.
“We are grateful to our clients for their continued support and for their faith in us to help them achieve their objectives."