Dundas & Wilson

UK 200 RESULTS 2010

Position:
Movement since 2009

Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):

49
DOWN

61
317
318.74
150-730
25.3
41
170.3
215.2
765.5
765.5
358
283
80
80
14
14
567
2.56

Edinburgh-headquartered Dundas & Wilson had another muted year in 2009-10, with turnover dropping by 8 per cent while average profit per equity partner (PEP) and net profit both nudged up.

Turnover stood at £61m, down from £66m in 2008-09, with £23m coming from the firm’s London base. The remainder was generated across its offices in Glasgow and Edinburgh. This is a return to the level of fee income the firm produced in 2006-07.

Despite this the firm managed to increase its profit margin to 41 per cent after net profit rose marginally from £24.3m last year to £25.3m this year. PEP rose by 3 per cent, from £308,000 to £317,000, which is still much lower than the £386,000 it achieved in 2007-08.

Property remains Dundas’s biggest contributor to revenue, generating 24.3 per cent (£14.82m) of the total. The corporate group’s contribution has fallen significantly, having generated 25 per cent (£18.7m) in 2007-08, 21.5 per cent (£14.19m) in 2008-09 and 15.9 per cent (£9.7m) during the 2009-10 financial year.

The firm, which operates an all-equity partnership, has seen its partner numbers remain largely unchanged year-on-year, with the number rising from 79 to 79.69 on a full-time equivalent basis.

Partner remuneration is entirely merit-based and is decided by the firm’s eight-strong board, led by managing partner Donald Shaw.

The equity spread remains unchanged on the previous year, with those at the bottom of the equity receiving a profit share of £150,000, while those at the top took home £730,000.

UK 200 RESULTS 2009

Position:
Movement since 2008

Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):

45
DOWN

66.0
308
308.9
150 - 730
24.3
37
170
170
835
835
389
389
79
79
15
15
616
3.92

Edinburgh-headquartered Dundas & Wilson suffered drops in turnover and profitability during the 2008-09 financial year, although the firm's profit margin only dipped slightly, from 41 to 36 per cent.

Turnover dropped by 12 per cent, from £74.8m to £66m, while net profit fell by 24 per cent, from £32.6m to £24.4m.

The firm operates an all-equity partnership, with its 79 partners on an average profit per equity partner (PEP) figure of £308,000, the exact level seen in 2005-06 and 2006-07. In 2007-08 the firm had 82 partners, who took home an average of £385,000.

The firm does not operate a lockstep, with partners remunerated according to their contribution to the firm. How much each partner receives is determined by co-managing partners Donald Shaw and Alan Campbell. Shaw and Campbell’s shares are determined by a small group of partners led by chairman David Hardie. The co-managing partners do not necessarily receive a top-of-equity payment.

For the 2008-09 year the smallest equity share was £150,000, while the greatest was £730,000.

Property is Dundas’s largest practice area, followed by corporate. These groups generated respective revenues of £16.9m and £14.25m over the past financial year.

Over the year Dundas had a number of panel wins, including Legal & General and Glasgow City Council.

The firm cut 43 jobs during the financial year, with its office in London and Scotland taking the hits.