DAC Beachcroft has unveiled its first financial results since merging in November 2011, with the combined firm generating revenues of £163.2m.
At the 2010-11 year-end Beachcroft posted revenues of £134m, with net profit of £30m. Davies Arnold Cooper (DAC), meanwhile, had turnover of £43m and net profit of £8m.
The combined firm’s average profit per equity partner (PEP) figure for 2011-12 is £321,000. This compares to Beachcroft’s 2010-11 figure of £333,000 and DAC’s figure of £268,000.
Managing partner Paul Murray explained: “The figure of £163.2m is more closely aligned to the accounts that we will, in due course, lodge with Companies House.
“However, if we had taken the combined turnover for both firms for the whole year we would be reporting billed turnover of £182.2m.”
Nevertheless, the merger has impacted legacy Beachcroft’s financial performance with the top of equity at the combined firm standing at £500,000 for 2011-12, down from £620,000 at Beachcroft last year. At the 2010-11 year end DAC’s top of equity stood at £441,000.
The firm also entered into a formal alliance with Canadian firm McCague Borlack with a view to fully integrating with the firm (18 May 2012).
Murray said: “In every respect, the union has enhanced our presence in the market and created a platform from which we can contemplate the future with optimism.”
He continued: “We’ve strengthened our brand and are now strong competitors in the wider legal market place; in particular, the marriage of a powerful domestic business with a leading international practice has revolutionised our credentials within the insurance sector and propelled us to the front rank of international insurance law firms.”