DWF hits £60m turnover target but profits will dip
LAW firm DWF has passed the £60m turnover goal it set three years ago – but expects profits to be hit by the economic downturn and investment in new offices.
DWF, which has offices in Manchester, Liverpool, Preston, Leeds and London, said today turnover for the year to April 30 2009 had risen 9% to £60.1m.
The growth was driven by fee income hikes in litigation (up 25%), insurance (+15%) and private client (+13%), which all defied the economic gloom.
As many other firms shed staff due to the recession, DWF’s headcount rose from 887 to 970. Expansion has continued since the year end as respected corporate partner Stephen Houston joined the firm.
Highlights of the year have included the launch of the new office in London following the arrival of insurance teams from Davies Lavery and Weightmans, bringing the number of offices to five.
Regionally, the firm has moved to new premises in Bridgewater Place, Leeds and St Paul’s Square, Liverpool to accommodate ongoing growth.
By breaking through the £60m barrier, DWF has exceeded the three-year target it set back in 2006, when fee income was £34m.
Managing partner Andrew Leaitherland said: “Three years ago we set ourselves the target of breaking through the £60m barrier in 2009 and we are pleased to have achieved that even in the face of recession.
“We believe our success has been due to our strategy of focusing on our core values and building strength and depth in key areas.
“Despite our revenue growth, our net profit is likely to be down as a result of our investment in three new offices in the last year and the general economic conditions.
“Although the climate remains difficult, we are continuing to invest and are cautiously optimistic. Our top 30 strategy still remains a priority and we are continuing to look at lateral hire and merger opportunities.
