DWF ready to spread its wings after record year

LAW firm DWF is mulling further geographical expansion on the back of record financial figures for the year to April, managing partner Andrew Leaitherland has revealed.

He said the firm, which has offices in Liverpool, Manchester, Preston Leeds, London and Newcastle, is looking at the South West, Scotland and Midlands.

“They are the favourites at the moment, it’s going to be a busy 12 months,” Leaitherland said.

In the year to the end of April DWF’s turnover rose 15% to £83m, while net profits rose 35% to £12m. Profits per equity partner rose to £390,000 from £333,000 in the previous year, a 17% rise.

Despite relatively low deal activity compared with before the downturn, the firm’s corporate practice grew 34%. Other strong performers were insurance and litigation, up 18% and the finance and restructuring, +16%.

Leaitherland, a finalist in the North and Midlands Entrepreneur of the Year awards organised by accountants Ernst & Young said the firm’s relationships with its banks had not been impacted by the demise of Halliwells last year.

“Our balance sheet is strong and our banks, RBS, Lloyds and the Co-op have been and continue to be tremendously supportive.”  

The firm said its decision to grow its sector-specific teams  over the last year had resulted in “substantial growth”.

The DWF Food Sector group grew by 17%, and the Transport and Logistics Sector by 19%.

Leaitherland, added “These are another set of great results and I am particularly pleased that our sector groups have grown so rapidly, reflecting our expertise in the markets in which our clients operate.

“Our strong growth in areas worst hit by the recession, such as corporate and real estate is testament to the efforts and professionalism of all our people.”

He continued:  “We have more than doubled the size of the firm since 2007 and now have over 1,300 people across six locations. We’ve continued to invest in our people, and grow our client base which means that we are confident that we will continue our growth throughout this next financial year “

He said DWF was well placed to continue to grow in an economic environment he is expecting to be “pretty ropey for the next couple of years.”