Denton Wilde Sapte has boosted its average profit per equity partner an astonishing 37 per cent due mainly to a restructuring of the firm’s property portfolio and the closure of its Asian offices.
PEP has climbed £101,000 to £375,000. This includes a £45,000 boost from the restructuring of the firm’s London property portfolio. In November 2005 the firm signed a new 20-year contract without a break clause with landlord British Land for its offices at 1 Fleet Place, London. Turnover slumped 4 per cent to £147.5 million.
DWS chief executive Howard Morris said: “With a much sharper cost structure we are now in a position to really drive the firm forward.”
“We’ve made some big calls over the last three years, such as transforming ourselves into a sector-based firm and redefining our international footprint. We’ve also faced our share of challenges but have emerged a more focused, committed and financially-robust firm,” he continued.
It has been a year of mixed fortunes for DWS. The departures that categorised the 2004-05 financial year carried . High level exits included former head of dispute resolution Mark Gill to Addleshaw Goddard and ex-managing partner Stephen Blakeley to Akin Gump Strauss Hauer & Feld.
These departures have helped increase PEP, with just 88 equity partners compared to last year’s 104.
On the positive side the firm has recently expanded its Africa network with the addition of BLC Chambers in Mauritius. It also advised on the banks the landmark Islamic bond used to finance DP World’s £3.3bn acquisition of P&O and inflicted the first ever infringement defeat on the Office of Fair Trading.