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DWF has continued its upward trajectory with revenue up 57.5 per cent at the half year, with growth largely driven by the February acquisitions of Fishburns and Cobbetts.
Turnover for the first half of 2013/14 stood at £93.6m, up 57.5 per cent from £59.4m. The firm said 10 per cent of that growth, or £6m, was generated organically, while the remainder was driven by the deals with Fishburns and Cobbetts (18 January 2013).
At the half year mark in 2012/13 the firm put revenue at £59m, a 31 per cent rise on £45m produced in 2011/12 (20 November 2012).
The firm has seen major growth in real estate where revenues from the 230-strong national practice have increased by 92 per cent and now accounts for 15 per cent of total turnover. The growth follows the recruitment of a 12-strong three partner team from Eversheds in Newcastle earlier this year (9 May 2013), as well as the six additional appointments of Melanie Williams in Birmingham; Richard Outhwaite in Leeds; Lorraine Reader in London; Suzanne Gregson in Manchester; and Mitch Brown in Newcastle.
Insurance revenue also increased by a significant 34 per cent over the same period, and it now accounts for 47 per cent of the firm’s total turnover.
DWF recently built on its catastrophic and large loss personal injury and non-injury base with the hire of a 48-strong team, including 11 partners, from Greenwoods (11 October 2013), however that team’s revenue will not be felt by the firm until the year end. Managing partner Andrew Leaitherland said he expects the team to add around £7m to the firm’s insurance income.
Revenues generated by the transport team grew by 81 per cent, while the retail, food and hospitality practice has seen a 7 per cent increase, accounting for 8 per cent of total turnover.
Leaitherland said the firm is gearing up for growth in the financial services sector and expects to see the style of legal services procurement in financial institution to become closer to that seen in insurers.
The firm stated that its increased focus on its sectors has helped secure new clients including Marks & Spencer and Metro Bank.
DWF posted turnover of £188m at the close of the 2012/13 financial year, which was an 84 per cent increase from £102m last year (6 June 2013).