Dickinson Dees has announced turnover of £46.1m and total remuneration of £12.1m for the 2011-12 financial year.
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.