Brodies has announced its thirteenth consecutive year of growth, posting record revenue of £106.2m.
With revenue growth for the financial year to 30 April 2023 up 8% from £98.5m the previous year, operating profit also increased by 6% from £46.1m to £48.6m.
The Scottish law firm reported progress across its main areas of practice - banking and finance, corporate and commercial, litigation, personal, family and property - with each making record income.
Headcount also grew, by 3% from 771 to 794. All eligible colleagues received a bonus of 6% in June, adding to bonuses paid in January, June and November last year.
In line with the firm's strategic plans, investment in premises continued, with a new Inverness office opening in September and plans agreed for upgrades to offices in Aberdeen and Glasgow, which will complete later this year.
Brodies Middle East was also launched in May, with its first UAE office in Abu Dhabi, focusing on supporting existing and new clients in the energy sector.
With the cost of investments in premises met, and colleague bonuses and other investments paid off, cash balances at year end were £29.5m; an increase of 13% on the previous year.
Managing partner Nick Scott said: "That each of our practice areas were able to report progress was down to our clients, and the colleagues who responded to their calls for our assistance.
"All of this is against a constantly changing backdrop where clients and colleagues alike have been responding to events such as the war in Ukraine, historically high inflation, uncertain financial markets, and an economy that has been, on some measures, more severely impacted than many of our European neighbours.
"So to record our thirteenth straight year of growth, and to become the first Scottish headquartered law firm to report income over £100m, underpins our continuous focus on our firm's strategic plans.
"Looking forward we will, later this year, set out our strategic plans for 2024 to 2027," Scott continued. "We will enter that process with best in class offices in all our locations from which to further develop our local relationships and expertise, and a new members agreement, which our partners signed last summer, committing our firm to responsible and sustainable business practices, seeking to create opportunity for all, regardless of difference."
Other highlights from the year include a partnership with the Scottish Ethnic Minority Lawyers' Association and Black Professionals Scotland to offer work experience placements and an internship programme, where all participants secured further employment with the firm, in both legal and business services roles.
The private client practice continued to grow, with the appointment of new partner Jacqueline Stroud, and the promotion of Jessica Flowerdew to partner.
Brodies also advised Bruntwood SciTech in the acquisition and redevelopment of the Met Tower, to create a £60m technology hub in Glasgow’s city centre.
The firm acted for German group Katjes Greenfood on its acquisition of UK gluten-free bakery Genius Foods.
Other deals included acting for the shareholders of Balhousie Care Group in the sale to AcalisCare and representing Quantum Energy Partners in its £300m investment to accelerate the redevelopment of Ardersier Port into a facility for offshore wind and the decommissioning of oil and gas assets.
Brodies acted for Bluefloat Energy UK in its defence of a £400m claim against it brought by competitor Moray Offshore Regional Power.
It has also acted for Parks of Hamilton and Rangers Football Club in their ongoing dispute with the Scottish Professional Football League.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
