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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
DAC Beachcroft has announced revenues of £188.2m for the financial year 2012/13, up by 14 per cent from £164.8m in the audited accounts for 2011/12.
The rise means that, unlike last year, the firm is now reporting turnover exceeding the combined revenues that the legacy firms Davies Arnold Cooper (DAC) and Beachcroft reported in 2010/11.
Net profit at the firm was £31.8m at the end of the last financial year, up 42 per cent from £22.4m in 2011/12, while average profit per equity partner (PEP) was £284,000, down 11 per cent from £321,000 the previous year, which was the first financial filing since the November 2011 merger between Beachcroft and DAC.
In 2010/11 Beachcroft reported PEP of £333,000 and DAC reported £268,000 (28 June 2012).
DAC Beachcroft managing partner Paul Murray said in a statement: “Year-on-year comparisons continue to be distorted by the merger mid-year in 2011/12 but these numbers will provide a baseline for next year. Overall, the results are acceptable in what continues to be a challenging and changing economic environment.”
Despite the year-on-year growth, DAC Beachcroft senior partner Simon Hodson admitted that debt tripled at the firm following the merger, with net debt increasing from £10m in 2010/11 to £34m in 2011/12 - £29m of which was bank loans payable within a year (5 February 2013).
The firm is currently undergoing a consultation concerning a handful of senior lawyers in its employment and pensions groups in London (19 June 2013), news of which broke just over a week after legacy DAC senior partner Danny Gowan retired, prompting a revamp of the firm’s board (11 June 2013).