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.
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).