DWF EDGES CLOSER TO THE £200M BARRIER

Law firm has grown through a series of acquisitions and posted a one per cent income rise

LAW firm is closing in on the £200m revenue barrier. The legal business, which is headquartered in Manchester, said turnover grew one per cent from last year’s £189m figure to £191m.

Profits fell from £25.5m in 2013/14 to £21.1m in 2014/15.

The strongest revenue growth came in corporate and banking, up three per cent to £33m and real estate, up one per cent to £33m.

Despite DWF making 24 partner hires in the past 12 months, the firm now employs 2,160 people across 13 locations, almost 200 fewer than this time last year.

In September 2014, the outfit also relocated all of its 300 London-based staff from two separate offices into the landmark Walkie Talkie building and upgraded its office space across the UK.

DWF also opened its first office outside the UK, with a base launching in Dubai in March 2015.

Chief executive Andrew Leaitherland said: “Our financial performance last year reflects the significant strategic investments needed to align our operating model with our strategy as set out in our strategic vision. Our focus has very much been on integration of our people as well as consolidation following our mergers and acquisitions and our resource base is now set at an appropriate level to allow us to deliver our targeted revenue grow this year.

Andrew Leaitherland

“We know it takes time to see the returns and it’s a good indicator of our business that we’ve continued to grow despite these investments, and also operating within markets such as insurance where our clients are experiencing challenges to which we’ve responded.”

Andrew said the firm’s strengthened sector and service line capability has attracted major new clients and work from

DWF also merged with insurance practice Watmores in the period.

He added: “We’re confident that these substantial investments in our infrastructure, in our people, and our technology platforms will put us in a stronger position for the future. The visible and recurring cash flow of the firm as it grows both its commercial and insurance businesses has enabled a successful refinancing, putting in place a £45m facility with a syndicate of five international banks, a clear indication of strong confidence by the banks in our planned national and international growth. We’re an ambitious business and we intend to remain operating at the forefront of delivering legal services differently.”