News DAC Beachcroft Insurance UK Law firms Financial news DAC Beachcroft profits slump by 10 per cent By Hannah Gannage-Stewart 2 September 2014 11:28 17 December 2015 11:28 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Hildehodgart McDeloitte 2 September 2014 at 13:01 Too many offices and too much insurance. Simples. Reply Link Anonymous 2 September 2014 at 13:36 Time for a clear out. Need to get rid of some of the deadwood members who’ve been on the gravy train for far too long, hoovering up the profits. They’ve got some really talented partners, especially some of the recently promoted ones and laterals, and they should be looking to the future with these guys. Reply Link Toby 2 September 2014 at 15:08 “The reduction in reported total profit this year reflects some prudent accounting treatment” – lets hope for DAC’s sake the accounting is less prudent next year !! Reply Link Anonymous 2 September 2014 at 15:16 That’s a pretty big drop from a not so high level. Many law firms are essentially buying work to stay on the insurers’ panels. Hence why many firms have moved out of this market to do more profitable work and sustain their business. Reply Link Jacob the Lawyer 2 September 2014 at 15:45 Bad move by wee Gibby to let Anderson Partnership be swallowed up in Scotland at just the wrong moment… Reply Link Phiilp 2 September 2014 at 16:01 Too may meercat toys Reply Link John 2 September 2014 at 16:54 DAC must be careful, if they continue to show falling profits, they may become a takeover target or begin to lose some of their senior Partners Reply Link Mr R 3 September 2014 at 10:27 We’ve been here before with DAC…. Reply Link Anonymous 3 September 2014 at 13:54 Poor DAC Beachcroft. It is the victim of the self-defeating game being played by insurers. They want the best quality and the best service but continue to demand lower fees (they feel lawyers make too much money). Tell that to the brightest solicitors who will simply avoid insurance work. End result: only underpaid paralegals will end up doing the work and dealing with frustrated insurance customers receiving substandard advice. Reply Link Anonymous 3 September 2014 at 14:26 John @ 4:54pm I don’t think it’s their senior partners who may be contemplating greener pastures, when firms are in this position it’s always the rising stars with the transportable practices. Reply Link Anonymous 3 September 2014 at 14:55 I wonder what the partners in DAC’s highly profitable latin american offices feel about this… Reply Link Anonymous 3 September 2014 at 15:06 We have all seen countless stories in The Lawyer in recent times where leading lights in the industry have highlighted the changes which the legal market will see in coming years. This includes consolidation and takeover. It seems clear from stories such as this that various firms in the marine and insurance sectors are incredibly vulnerable to such risks given falling rates and rising costs in those sectors, a process which has obvious economic conclusions. Reply Link Anonymous 5 September 2014 at 10:41 One year’s figures in isolation mean very little. However when PEP falls from 300+K in 2009/10 to 284K in 2012/13 to 263K in 2013/14… Reply Link Colin 9 September 2014 at 06:41 Downward pressure on volume insurance rates in parallel with rising costs has one ultimate conclusion. Are DAC trapped in this vicious cycle? Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.