LAW firm Brodies has recorded an 11.2 per cent rise in turnover from £52.1 million to almost £58m while also booking strong underlying profit growth.
It said profits before partner distributions grew 14.2 per cent to £27.1m in the 12 months to April 30 this year.
Bill Drummond, managing partner of Brodies, said: “The past financial year saw gradual improvement in the Scottish and wider UK economy, the historic referendum on the question of Scottish independence and continued change in the Scottish legal market, with the disappearance of yet more well-known independent firms.
“Against this backdrop, Brodies focused on delivering and investing in client services and engaging with individuals, business and organisations across the UK on the legal aspects of potential constitutional change.”
The firm said it was the fifth consecutive year it has reported turnover and profit growth and marked a successful first step in its latest three-year business plan.
During the most recent year Brodies opened a larger office in Aberdeen to accommodate its 70 staff in the city, having originally opened with three people in 2011.
Across the year it increased total staff by seven per cent from 564 to 603 with partner numbers edging up from 80 to 82.
Brodies, which also has offices in Edinburgh and Glasgow, said even though costs rose by 8.8 per cent to £30.9m its cash balance had increased more than 52 per cent, standing at £14.85m at the end of the financial year.
Mr Drummond, who has headed the firm since 1998, highlighted a number of practice areas had been busy with a notable increase in international work.
He said: “Improved economic stability led many clients to invest in their businesses and ventures and re-visit their personal affairs, and as a result our lawyers have been busier than ever, with those handling disputes and regulatory issues becoming particularly active in the second half of the year.
“Our corporate team advised on several of Scotland’s highest-profile [merger and acquisition] deals, while banking & finance, energy, transport and real estate performed strongly, and there was a significant upturn in international activity.”
The firm will move its Glasgow office, where it employs more than 200, to the 110 Queen Street building later this year
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