DWS’s PEP rise contrasts with poor turnover

Denton Wilde Sapte’s (DWS) half-year figures revealed an astounding 29 per cent jump in average profit per equity partner (PEP) on the same period last year.

The firm is predicting PEP to hit £360,000 by the year-end. Should it achieve this, it will go some way towards repairing the damage done by the firm’s disappointing performance last year, which saw PEP fall to £279,000 and a fifth of the partnership leave.

DWS chief executive Howard Morris told The Lawyer that the results “underline the core strength of the business”. He also alludes to the firm’s realignment along sector lines and singles out corporate and banking as particularly strong areas this year.

However, revenue tells a different story. Former partners estimate that year-end turnover could drop by up to 10 per cent after 27 of them left during the last year. But a source at the firm predicted that revenue would be flat.