Scottish firm Brodies returned to turnover growth in 2010-11 after its 8 per cent slump in 2009-10, although its eight-year run of double-digit growth is now a thing of the past. While turnover was up by just 3 per cent, net profit saw a healthier rise of 14 per cent, bringing the total to £9.9m.
The firm is inextricably linked with managing partner Bill Drummond, who has been at the helm since 1998. All strategic decisions are made by the board he leads, although everything is put to a partner vote early in the discussion process. Alongside Drummond the board is made up of chairman Joyce Cullen and a further three elected partners.
Day-to-day management is overseen by an operational board made up of the six practice heads, risk director Brenda Scott and the directors of HR, finance, IT and marketing. There is a separate remuneration committee comprising the practice heads plus Drummond and Cullen.
The firm operates a modified lockstep, with 80 per cent of remuneration coming from a 60- to 100-point five-year lockstep and the remainder from a bonus pool. Equity partners contribute capital to the firm in years one, three and five of the lockstep.
In terms of investment, Brodies made 10 lateral partner hires during the year and also opened an Aberdeen office at the end of 2010-11.