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Brodies forms standalone banking and finance group" />Scottish firm Brodies has created a standalone banking and financial services department as part of a revamp of its leadership group.
Until now the firm’s banking practice has sat within the wider corporate and commercial group. According to managing partner Bill Drummond, the separate group has been formed in recognition of the strength of Scotland’s financial services sector and the firm’s role within it.
“The transactional business in the finance sector isn’t as prevalent as it was 18 months ago, but the fact that we are continuing to recruit and focus on this area shows our belief that numbers will continue to grow in this area,” he said.
The banking practice is to be headed by partner Bruce Stephen, who joins the firm’s 12-strong operational board together with new department heads David Armstrong and Julian Voge.
Armstrong has taken over management of the litigation practice from Neil Collar, while Voge takes on the corporate head role from Charles Smith. At the end of the last financial year, banking accounted for around 10 per cent of Brodies’ overall turnover, ;which ;stood at £37m.
The total figure represents an increase of 23 per cent on the previous year, and goes hand-in-hand with a rise in net profit of 23 per cent to £12.4m, while average profit per equity partner now stands at £408,000.
Real estate and litigation remain the firm’s biggest billers, each accounting for around 30 per cent of revenue, while corporate contributed around 25 per cent in 2007-08.
Drummond said of the figures: “The service mix has been relevant to our client base and we’ve worked very hard to keep them happy.”