DWF hails ‘great year’ as profits rise 50%
LAW firm DWF has revealed a 56% surge in profits per equity partner after a 17% leap in turnover to £71.5m.
The firm which as offices in Leeds, Liverpool, London, Manchester and Preston, hailed a “great year” as PEP rose from £213,000 to £333,000 in the year to the end of April. It said net profits had risen 51%, but did not disclose the figure.
The number of staff employed by the firm in Leeds has grown from 24 to 170 in the last three years.
Managing partner Andrew Leaitherland told TheBusinessDesk.com: “We’re very pleased with the results, we’ve bucked the market and bucked the trend.
“We were fortunate when we launched our growth strategy four years ago that we didn’t expose ourselves too much into transaction-related areas. We have instead focused on growing niche areas such as pensions, litigation, insurance litigation and employment.”
He confirmed that DWF would be moving to a new “flagship office” in Manchester before the end of the year, but said it was too early to disclose the location.
An announcement is likely in the “next two to three weeks”, he said. The firm, which has 460 staff in Manchester and another 40 recruits in the pipeline, is expected to move into the Manchester Evening News’ office on Spinningfields after the paper moved to Oldham in September.
Mr Leaitherland said he, in common with the rest of the sector, was monitoring the situation at Halliwells – where talks are continuing for a three-way split of the crisis-hit firm’s assets. “It’s been a very difficult time for all involved,” he added.
Looking ahead, he said: “I firmly believe that we are in an extremely strong position within the legal marketplace, especially with our sustained investment in our transactional and contentious teams.
“Our commitment to clients continues to be paramount for us but it is our values that will differentiate us and provide the framework for our ambitious future growth as we strive for the status of a top 30 law firm.”
He added: “We’re budgeting for continued growth in people, revenue and profits. We don’t want to slow down as we want to build on what we have achieved in the last 12 months.”
