DWF sees half-year turnover rise to £45m

North West firm DWF has revealed a 14 per cent increase in half-year turnover, posting a revenue figure of £45m.

Andrew Leaitherland
Andrew Leaitherland

The firm’s insurance practice was the most impressive performer, growing 33 per cent, followed by real estate and financial services, which increased by 16 and 11 per cent respectively.

The firm also claims to have reduced its debt by three percentage points, to 10 per cent of total revenue.

The results come as DWF hammers out the details of its next three-year, strategic plan, with the firm aiming to increase its practice-group alignment after years of expansion.

Over the past financial year, DWF has announced office launches in Birmingham (28 July 2011) and Newcastle (6 May 2011). DWF has also created 110 new positions over the past six months, with the firm expecting to create another 100 roles in the 2010-11 financial year.

In a statement, managing partner Andrew Leaitherland said: “In the last six months, we’ve recruited some outstanding legal talent such as London-based litigation expert Hilary Ross as our head of retail and we welcomed asset finance expert Joanne Davis and team to our financial services group. I strongly believe that our sector-specialist approach enables us to align ourselves with our clients’ needs and helps us understand the pressures they face.”

Earlier this month, RollonFriday revealed that DWF had registered the domain name dwfcobbetts.co.uk. Leaitherland said that he is “open to looking at the right merger opportunity” and is having discussions with two or three firms at all times, but that nothing has yet been decided. Leaitherland also expressed a preference to growing through lateral hires, but added that the firm was interested in Scotland and Bristol as potential new markets in which to open offices.

In the 2010-11 financial year, DWF increased its turnover by 15 per cent, from £71.5m to £83m (30 June 2011). Average profit per equity partner grew 17 per cent, from £333,000 to £390,000.