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Legal firm confident it can continue growth despite slowdown
Brodies, the Edinburgh law firm, has turned in an eighth successive year of increased turnover and profits and says it can continue its expansion, despite the economic slowdown, because of growth in "recession proof" areas, such as litigation.
The firm reached a turnover of £37m in the 12 months to April 30, up from £30m the previous year. Based on turnover, it is now the fifth largest law firm in Scotland.
Brodies said its profits rose 29% to £15.1m as it completes its transformation from a country property specialist to a corporate law firm working across a range of disciplines.
Scotland's legal system is set to be transformed following last year's call from the Office of Fair Trading for a review of the Scottish legal system. This followed a 'super-complaint' by consumer group Which? that the current set-up hinders market innovation.
The changes agreed at the Law Society of Scotland's AGM could lead to external ownership of law firms and partnerships between solicitors and non-solicitors.