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Brodies enjoys 22% rise in profits as core areas thrive

LAW firm Brodies has reported a near 22% rise in profits, according to its latest annual accounts.

HEALTHY BOOKS: Brodies partner Bill Drummond said current trading is going to plan. Picture: Steve Cox
HEALTHY BOOKS: Brodies partner Bill Drummond said current trading is going to plan. Picture: Steve Cox

The document, filed at Companies House, shows turnover grew from £38.85 million to £42.79m while profits before members' remuneration and profit share increased from £14.44m to £17.62m.

The profit for discretionary division among members came in at almost £2.6m in the 12 months to April 30 this year, against £1.98m in the previous period.

Bill Drummond, managing partner, said the firm had performed well across a number of areas including litigation, employment, pensions, commercial real estate, intellectual property, public sector and energy.

He said: "It is really our core business areas, where we have been traditionally very strong, and spread across a number of sectors.

"We try to look at what is important to clients and match up the services to those needs."

The firm's net funds fell but were still a healthy £6.1m, down from £6.4m, at the year end.

Mr Drummond said: "We don't see it as a comfort. We see it as a necessary focused approach to our balance sheet so we can continue to invest. I'd be a lot less comfortable if I had £6m of debt.

"It ensures that as we see market opportunities where we feel it is right to invest, then we are able to do it."

Staff numbers increased from 421 to 476, which included an additional six partners and 22 fee earners.

The highest paid partner, before performance-related bonus, received £359,000 which was an increase from £313,000.

Mr Drummond said trading in the current year was going to plan and the firm's current resource was being pretty well utilised even though some areas are busier than others.

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