Brodies’ revenue soars by 43 per cent

Scottish firm Brodies has posted its seventh year of double-digit growth, boosting its revenue by a huge 43 per cent this year.

Turnover is up from £21m to £30m, with average profit per equity partner (PEP) up by 13 per cent to hit £333,000.

A little less than half of the revenue increase is due to the opening of a Glasgow office last summer, with the firm snapping up seven-partner firm Bishops Solicitors in the process.

Managing partner Bill Drummond said: “We planned it carefully and it delivered pretty well in line with the business plan we had.”

Employment and property are the fastest growing departments at Brodies, growing by 50 per cent and 36 per cent respectively last year.

The firm’s gross profit increased by 33 per cent to £11.6m, but the inclusion of five new partners into the equity meant that PEP only rose by 13 per cent.

“We don’t have a closed equity at the firm,” said Drummond. “We expect our partners to have the ambition to enter the equity.”