DWF accounts show pay for top earner rose by 30%
DWF's top earner took home £1.09m in the 2012-13 financial year, an increase of more than 30% on last year, according to limited liability partnership (LLP) accounts filed with Companies House. In 2011-12, the firm's highest earner pocketed £833,000.
November 20, 2013 at 08:45 AM
2 minute read
DWF's top earner took home £1.09m in the 2012-13 financial year, an increase of more than 30% on last year, according to limited liability partnership (LLP) accounts filed with Companies House.
In 2011-12, the firm's highest earner pocketed £833,000.
The firm's total revenue for the year was £188m, up from £102m. However, the LLP accounts include the revenues of Biggart Baillie, Fishburns and Cobbetts, all of which were acquired by DWF during 2012-13.
Profit per equity partner figure stood at £429,000, up on the previous year's figure of £417,000.
The firm's insurance practice brought in the lion's shares of revenue, contributing £88.1m. Revenue from the litigation practice amounted to £42.7m, while the corporate and banking team brought in £30.3m. The real estate group contributed £24.5m.
The firm produced an operating profit of £39.6m, up on £24.8m in 2011-12. Profit available for division among members amounted to £38m, increasing from £23.5m.
The average number of members at the firm leapt by 62% from 118 to 191, while staff headcount increased by 26% from 1,216 to 1,537.
By practice, the insurance group logged the largest increase in total headcount, growing from 766 to 985. The firm's corporate and banking group grew from 125 to 247, while the litigation team was staffed by an extra 178 people to amount to 399. The real estate team expanded from 88 to 241.
The increase in staff headcount contributed to a 40% rise in total staff costs, which grew from £45m to £64m. Salaries at the firm also increased from £39.7m to £55.9m.
The firm made 32 lateral hires in the 2012-13 financial year.
Other details from the filings show that the firm's total borrowing stands at £16.7m, up on £11.7m in 2012. The firm also spent 8,397 hours on pro bono and community activity, valued at £1.3m.
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