Categories:UK

DWF launches redundancy consultations across Edinburgh and Glasgow

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  • If DWF are announcing job losses immediately after the end of the financial year then one can only assume that they will be announcing before long that the enlarged firm missed turnover and profit targets for the year.

    If it turns out the enlarged firm met or beat expectations, with fee-earners having delivered that performance when asked, then these job cuts will not sit well.

    Either way, if people are losing their jobs because of the performance of the firm then presumably Leitherhead and his management team won't be receiving any bonuses this year.

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  • And there was me thinking that Leitherland was such a kind hearted and generous man!!

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  • They probably missed their target last year so this will be no different. Looks like Icarus lives in Cheshire these days, what was the old moniker? Lord Mayor of Warrington?

    It was all there is their gloss accounts last year for anyone with an ability to skip the graphs at the front. How a firm can add £3.4m onto the bottom line year on year and increase borrowings by 377k suggests hype rather than substance. Once you factor in working capital increases the partners drew out (£21.8m) more than the firm generated in cash in 11/12 from operations (£21.4m). Doubt it will be any different in 12/13. However not exactly the financial prudence required of a law firm on the merger trail......

    Im sure they are still benefiting from a decent property deal (discounted or rent free) as well.

    But hey ho, add in a merger or two (or five) each year and everything looks rosy on top line and bottom line in terms of headline growth. Lets just hope they don't have a flat year (espicially if defendant PI takes a hit to volume). That will create a mess as they try and find enough cash to fund that big partner impending tax bill on prior year profits (and slash long term costs which is always expensive upfront).

    And cue the social media team at DWF(or DWF clients as they like to refer to themselves looking at previous waffle) posting all sorts spin/spam.......

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  • It looks to be 8 people given new reports elsewhere, out of a headcount of 2500. Hardly looks to be shedding jobs due to a poor financial performance! DWF seem to keep performing; I suspect this year has been a good year for them again. They got a fantastic deal with the Cobbetts purchase, and many competitors are still smarting at that. And no I am not a DWF spammer!

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  • You know that a firm is doing well when you see lots of anon grumbles from competitors.

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