Turnover and PEP up at Manchester's DWF
DWF has broken through the £100m turnover barrier for the first time after posting a rise of 23 per cent to £102m for the 2011-12 financial year.
Andrew Leaitherland
Last year the firm posted revenue of £83m (30 June 2011). The rise is in part a result of the firm’s takeover of Newcastle firm Crutes in January 2012 (25 November 2011).
At the same time, average profit per equity partner rose by 7 per cent, up from £388,000 to £415,000.
DWF’s insurance group saw the fastest growth at the firm, rising by 28 per cent, while income from the energy and infrastructure group was up 26 per cent growth. This was closely followed by the public sector team and the food group, which both posted 22 per cent growth, and the financial services group which saw a 20 per cent increase in revenues.
Managing partner Andrew Leaitherland pointed to the firm’s expansion nationwide as a key contributing factor to its growth over the past financial year:
“Once again we’ve achieved another year of impressive expansion,” he said in a statement. “The continued growth across all of our sector groups serves to highlight our specialist approach and knowledge of the markets in which our clients operate.
“With new offices opening in Birmingham and Newcastle, we’ve strengthened our national offering, which has been further supported by the appointments of leading sector specialists.”
The firm launched in Birmingham in July last year (28 July 2011).
The firm made a number of lateral hires during the year, including former Dickinson Dees partner John Flynn (6 May 2011).
Earlier this year DWF abandoned plans to merge with Cobbetts, with both firms citing market uncertainty as a reason (31 January 2012).
Readers' comments (4)
Anonymous | 2-Jun-2012 1:53 pm
We are confident that the way we act and conduct our business is building and strengthening the quality client relationships needed to achieve our business goals which include becoming a top 30 Law Firm by 2012.....are they one now???
Unsuitable or offensive? Report this comment
Anonymous | 6-Jun-2012 8:48 am
Excellent performance by DWF.
I work in Newcastle and the legal market has been turned on its head by the arrival of DWF. Whilst we had a couple of reasonably good firms, they had become complacent and slightly arrogant. This year they've had to improve to keep their heads above water.
Unsuitable or offensive? Report this comment
Mutton Jeff | 7-Jun-2012 4:09 am
When are there going to be any job openings in Newcastle, particularly for banking lawyers? Come on chop chop, seems like nobody has hired a soul in Newcastle for about five years. Get your *rses in gear.
Rgds
An exiled Geordie wanting to come home
Unsuitable or offensive? Report this comment
Anonymous | 7-Jun-2012 1:33 pm
Jeff,
The Newcastle market is in bad shape. Many of the firms had a complacent attitude and never envisaged rivals from Manchester / Leeds taking their clients. They also had a culture of treating everyone other than partners as expendible.
I think the market will open once one or two firms have closed. The rumour mill is rife that one firm is in danger, although people have been saying that for three years.
Unsuitable or offensive? Report this comment