DWF confirms third consecutive year of double-digit growth with 23% hike
DWF has posted its third consecutive year of double-digit growth, with revenues at the expansive northwest firm rising 23%. Turnover at the firm grew to reach £102m, up 23% from the figure of £83m reported last year, a result the firm claims marks its 19th year of consecutive growth.
June 01, 2012 at 12:34 PM
2 minute read
DWF has posted its third consecutive year of double-digit growth, with revenues at the expansive northwest firm rising 23%.
Turnover at the firm grew to reach £102m, up 23% from the figure of £83m reported last year, a result the firm claims marks its 19th year of consecutive growth.
Meanwhile, profits per equity partner (PEP) climbed 7% to £415,000, up from £388,000.
The results come after the firm broke into the UK top 50 for the first time in 2009-10 with a 17% revenue hike, before subsequently posting 15% growth for 2010-11. Revenues at the firm have now grown from £61m to £102m in just three years.
Key drivers behind the growth included stand-out performances by the firm's insurance and energy and infrastructure teams, in which turnover rose 28% and 26% respectively. Both the public sector and food teams enjoyed 22% growth, while financial services revenues increased by 20%.
DWF has completed two mergers in the past year, bolting on Newcastle insurance specialist Crutes in January and Birmingham insurance boutique Buller Jeffries in April, which collectively added around £8m to its turnover.
The firm has also made a number of partner hires for its eleven UK offices, including banking and finance partner Joanne Davis from Shoosmiths and new retail head Hilary Ross from Bond Pearce.
Managing partner Andrew Leaitherland (pictured) commented: "The continued growth across all of our sector groups serves to highlight our specialist approach and knowledge of the markets in which our clients operate. With new offices opening in Birmingham and Newcastle, we have strengthened our national offering, which has been further supported by the appointments of leading sector specialists.
The announcement makes DWF the latest top 50 firm to unveil double-digit growth for 2011-12, after Olswang posted a 17% revenue hike to push turnover past £100m. Bird & Bird, Holman Fenwick Willan and Watson Farley & Williams have all also recently confirmed double-digit revenue increases.
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