DWF
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):
UP
71.5
333
91.51
72-608
8.7
12
126.7
203.8
594.8
2,750.0
564
351
120
26
32
1
931
12.49
Turnover at DWF was up by a fifth, from £60m to £71.5m, in 2009-10. Litigation dominates the Manchester-headquartered firm, accounting for £49m, or 69 per cent, of total turnover. The practice group is bolstered by substantial insurance work, where clients include RSA and Aviva.
Revenue growth was also driven by a number of team acquisitions. DWF began the financial year with the hire of a three-strong team from Newcastle-based Dickinson Dees, followed by lateral hires from Addleshaw Goddard, Barlow Lyde & Gilbert, Hammonds, Reed Smith and Watson Burton.
As a result the firm has 10 per cent more lawyers than in 2008-09 and 3 per cent more fee-earners. However, total staff levels have remained broadly static, while the total number of partners has fallen by 4 per cent.
The firm’s profit margin is relatively low at 12 per cent, but average profit per equity partner increased by 28 per cent, from £260,000 to £333,000. This was partly the result of DWF keeping a tight equity, with just a fifth of its partners part of the entirely merit-based club. Strikingly, the bottom of the equity halved on the previous year, from £150,000 to £72,000, while the top grew by 38 per cent, from £440,000 to £608,000.
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):
SAME
60.0
260
128.0
150 - 440
6.5
11
109
188
480
2,400
550
320
125
25
32
2
930
11.8
Extensive lateral hiring during the past financial year goes a long way to explain DWF’s turnover and profit per equity partner (PEP) shift last year. Turnover was up by almost 7 per cent, from £55.2m in 2007-08 to £59m last year, while PEP dropped by 25 per cent, from £350,000 to £260,000.
The firm made significant investment into its new London office, hiring insurance duo Claire Bowler and Graham Dickinson in June from Davies Lavery.
In September the firm bulked up its London arm, investing in a six-partner insurance team from regional rival Weightmans.
During the current financial year the firm has continued its lateral hiring spree, snaring Baker & McKenzie chief financial officer Arthur Ferry as finance director.
Other costs during the 2008-09 financial year include the investment into a new practice management system, which totalled £1m. Implementation costs have been spread across several financial years.
NEWS
Cobbetts picks litigation head as new managing partner
Cobbetts has elected a new managing partner to replace Michael Shaw, who spent 16 years in the post.
FEATURES
Spring 2012: The Lawyer News Review
By the time you reach practice the legal profession will look very different. The Legal Services Act (LSA), which has just been passed, allows external organisations to invest in law firms. It has been a revolution more talked about than acted on until recently, but since the start of the year some important developments have underlined the fast pace of change.
