Scottish law firm Brodies said profit was slightly higher in the 12 months to the end of April as turnover increased for a 14th consecutive year.
Operating profit edged up to £49.2 million from £48.6m, and profit per equity partner came in at £846,000. Turnover rose 7.5% to £114.3m from £106.25m in the previous year.
Progress was made across all core practice areas – banking and finance, corporate and commercial, dispute resolution and risk, personal and family, and real estate – with each one reporting record income.
Investments in people saw Brodies’ headcount grow by 5%, from 794 to 837. This included three strategic lateral partner hires and three partner promotions.
The Edinburgh-based firm also invested in salary increases and bonus payments and all eligible colleagues will receive a firmwide bonus of 3%, while individual performance bonuses were awarded during the year.
Brodies fulfilled its commitment to investing in its premises, with the upgrade of offices in Aberdeen and Glasgow completing earlier this year.
Cash balances at year-end were £20.9m, reflective of the firm’s planned investment in recruitment, IT and in particular, infrastructure.
This year the firm is presenting consolidated accounts for the first time, reflecting the trading of Brodies Middle East, a separate LLP which operates from Abu Dhabi and supports existing and new clients throughout the region.
Managing partner Stephen Goldie said: “Progress has been made notwithstanding another period of flux in the economic, social and political environment, where higher interest rates and headwinds from the transactional markets have impacted the business decisions and activities that clients undertake.
“Over the past year, we have invested in the areas that we consider critical to the continued growth of our firm; recognition for our colleagues, their skills and the value they bring to our clients, upgrading the places in which we work and collaborate, and advancing the technology that supports us in delivering first-class service to our clients.
“Our strategic plans for the next three-year cycle are now underway and we look to the future with confidence, in ourselves and in the resilience and ambitions of the clients that we work with.”
Highlights of the year included advising on the transformation of Ardersier Port, Vinci Airports acquisition of a majority stake in Edinburgh Airport, the purchase of Argyle House in Edinburgh, and acting for Ambassador Investment Management in the £250 million redevelopment of Ocean Terminal, Edinburgh.