Dickinson Dees
UK 200 RESULTS 2010
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):
DOWN
48.8
216
192.88
161-301
9.1
19
149.3
200.5
724.0
1,318.9
327
243
67
37
15
6
631
5.58
Dickinson Dees saw a 12 per cent increase in average profit per equity partner last year, from £193,000 to £216,000.
Total fee income at the Newcastle-headquartered firm continues to fall, however. In 2009-10 revenue dropped by 5 per cent, from £53.8m to £48.8m, having hit £60m the year before. In contrast, the firm’s equity spread rose at both ends, from between £100,000-£220,000 to £161,000-£301,000.
Dickinson Dees made 83 redundancies during the past financial year, with the number of lawyers dropping from 256 to 243 and the number of partners from 76 to 67. Managing partner Jonathan Blair says he is confident there will be no further cuts during the current year.
In recent years the firm has looked to streamline its practice and focus on its core areas. In 2008 it sold its volume arm D3 legal to Optima Legal. It also spun off its family law team. This team, led by partner Margaret Simpson and barrister Ian Kennerley, now operates under the name Silk Family Law. Dickinson Dees expects to lose around £500,000 in turnover as a result of the spin-off.
Corporate remains the firm’s strongest area, accounting for almost a third of total revenue. At 24 per cent of fee income, property has also held steady despite the downturn. The firm has secured a number of impressive panel places over the past year, including the London Boroughs Legal Alliance, London Boroughs’ Consortium, Tyne & Wear Legal Framework and the North East NHS joint procurement initiative.
Blair says he expects to see modest growth in 2010-11 and will look to strengthen the firm’s offering in York and London.
UK 200 RESULTS 2009
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):
DOWN
53.8
150
144.7
100 - 220
11
20
114
210
708
708
474
256
76
76
13
13
812
2.37
Dickinson Dees launched three redundancy consultations last year as well as cutting eight from the partnership. The total number of job losses at the firm came to 154.
Dickinson Dees’ profit per equity partner (PEP) figure dropped by 55 per cent last year, from £336,000 down to £150,000, while revenue dropped by 10 per cent, from £60m to £53.8m.
Last year the firm lost one of its most profitable practice areas when head of pensions Martin Jenkins defected to DWF with a team of associates. This and dwindling workflows in the real estate market affected the firm’s PEP figure dramatically.
NEWS
Turnover nudges up at Newcastle's Dickinson Dees
Dickinson Dees has announced turnover of £46.1m and total remuneration of £12.1m for the 2011-12 financial year.
FEATURES
On the move
?Thomas Eggar partners have elected litigation head Victoria Brackett as the firm’s first-ever female managing partner, while also revamping its overall management function.
