Turnover nudges up at Newcastle's Dickinson Dees
Dickinson Dees has announced turnover of £46.1m and total remuneration of £12.1m for the 2011-12 financial year.
Jonathan Blair
This represents a turnover rise of 1.3 per cent on the £45.5m the firm posted last year. This means turnover is still below the £48.8m the firm generated in 2009-10 - and some way behind its 2007-08 high of £60m, which can in part be explained by the fact the firm sold £6.6m business D3 Legal to Optima at the end of 2008 (3 November 2008) while its £1.5m family team spun off in 2010 (18 June 2010).
The total remuneration figure includes the profit distributed to equity partners as well as the payments made to other classes of partner. Last year the firm’s net profit figure stood at £8m, down from £9.1m the previous year.
Managing partner Jonathan Blair said: “We’re pleased that we’ve been able to post a strong result in what continues to be a difficult climate for the professional services sector. We have a clear vision for the direction in which the firm is heading and we are continuing to invest in new markets which is already being reflected in these results.
“It’s just over 12 months since we rolled out our 10-year plan to the firm and we are delighted with the progress we have made in such a relatively short time.”
The firm has committed to another 10 years in its Newcastle Quayside office and has attracted a number of recruits across its offices, including Pinsent Masons property lawyer Mark Owen in Leeds (30 March 2012) and Lawrence Graham partner Martin Stacey in London.
The firm recently announced the promotion of Newcastle-based pensions lawyer Tracy Walsh to partner, as well as six director promotions across its offices in the North.
Readers' comments (5)
Anonymous | 18-May-2012 11:32 pm
I had heard, from a few people that it has been an unspectacular year. Strange these figures suggest otherwise.
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Anonymous | 19-May-2012 12:02 pm
Sorry, but I think the headline is misleading.
Since 2008 Dickinson Dees turnover has plummeted by 25%.
At this rate there won't be a Dickinson Dees in a few years. The firm is in crisis and nothing will change until it admits this and takes action.
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Anonymous | 21-May-2012 12:11 pm
Well done to DD's PR team for spinning some dismal figures so they sound almost average.
The turnover is almost 25% less than 3 years ago because they've lost their better performing teams, eg the family department quitting in 2010.
I think the Leeds base is a very good idea, but it won't stem the exodus of staff moving from the Newcastle office to DWF.
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Anonymous | 21-May-2012 5:39 pm
Olswang improved its performance by 30% in the last 12 months.
By that measure 1.3% is disappointing. One wonders how much goodwill the management partnership of Marshall and Blair have left.
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Anonymous | 23-May-2012 8:05 pm
Proof that businesses in the North East are the most loyal in the country.
Even in a really bad year, Dickinson Dees's bedrock of clients won't stray.
It is laudable. In other parts of the country clients would react to tough economic conditions by moving around for better service, lower fees etc
However in the north east there's loyalty to it's oldest firm (founded 1975). Long may it continue!
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