DWF half-year revenues rise by 58% on back of continued expansion
DWF has grown its revenues to £93.6m for the first half of the 2013-14 financial year, on the back its rapid expansion. The firm's revenues rose 57.5% at the half-year mark, up on last year's half-year figure of £59.4m.
November 18, 2013 at 05:38 AM
3 minute read
DWF has grown its revenues to £93.6m for the first half of the 2013-14 financial year, on the back its rapid expansion.
The firm's revenues rose 57.5% at the half-year mark, up on last year's half-year figure of £59.4m.
The firm has said that over 10% (£6m) of the result is organic growth, while the remainder stems from its merger deals with Fishburns and Cobbetts earlier this year.
Revenues generated by the insurance practice amounted to 47% of the firm's business, growing by 34% from £30.6m to £41m. The firm has said it expects further growth in the area following the hire of a 48-strong group from specialist insurance law firm Greenwoods last month, which included 11 partners.
The firm's real estate group has seen particularly rapid growth, accounting for 15% of turnover after increasing contributions by 92% from £7m to £13.5m. Earlier this year the firm recruited a 12-strong real estate team from Eversheds' Newcastle arm, which included partner trio Adam Heather, Adrian Stanley and Gavin Jackson.
The firm has also made six partner hires in the past year with the appointments of real estate partners Toby Askin and Melanie Williams in Birmingham; Richard Outhwaite in Leeds; Lorraine Reader in London; Suzanne Gregson in Manchester; and Mitch Brown in Newcastle.
Meanwhile the transport sector group's revenues rose by 81%, while revenues associated with the retail, food and hospitality practice was up by 87%.
The financial services group accounts for around 8% of the business. The firm has said its increased focus on sectors has helped secure new client wins including Marks & Spencer and Metro Bank.
DWF posted revenues of £188.2m at the end of the 2012-13 financial year, marking an 84.5% increase on the previous year's result of £102m.
DWF managing partner Andrew Leaitherland (pictured) said: "We have experienced significant benefit already from our acquisitive phase over the last 12 to 18 months and we're now really beginning to gain traction in our chosen markets as our clients build increasing confidence in our ability to deliver exceptional client service at an affordable pricing point.
"Over the last six months we've continued to invest in lateral hire opportunities, particularly in London and Birmingham, which will support further growth in the second half of the year, further deepening and broadening our sector offering to clients."
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