DWF's revenue falls 2% after UK restructuring efforts
Firm attributes drop in revenue to restructuring efforts and overseas investments as profits rise
August 15, 2016 at 06:54 AM
3 minute read
DWF's revenue fell by 2% during the 2015-2016 financial year but net profit grew 4%.
The firm attributed the fall in revenue to the international investments the firm made throughout the year, mergers and "a restructuring and consolidation of the UK business".
DWF's turnover dropped to £187.1m from £191m in 2014-15.
However, net profit increased to £22m, up 4% from £21.1m in 2014-15, while average profit per equity partner (PEP) also increased by 2% to £331,000.
DWF's UK operations represented the bulk of the firm's revenue, generating £183.3m.
The firm's UK PEP and net profit also rose by 2% to £330,000 and £21.5m respectively.
Managing partner and chief executive Andrew Leaitherland said: "While we're marginally down on revenues this year, our underlying profit has improved, putting us in a much stronger position going forward."
He added that the firm had restructured the UK business "to address challenges in parts of the insurance market".
The firm said the re-organisation began after a series of mergers during 2015-16.
A DWF spokesperson said: "The restructuring and consolidation was part of any firm's normal post-merger activity. We've not carried out any major redundancy programmes. We've been able to restructure and consolidate through natural attrition."
During the course of 2015-16, the firm expanded internationally, merging with German firm BridgeHouseLaw, which added four new partners and offices in Cologne and Munich.
In addition, DWF has entered into some domestic mergers during the past 18 months. In May this year, it merged with three-partner insurance boutique Fox Hartley in Bristol. In May 2015, the firm merged with Watmores, a London-based insurance litigation boutique with five partners and a turnover of £2.5m.
The firm has also launched new offices overseas, as well as adding new hires.
The firm begin its international expansion in March 2015, with the hire of two lawyers from US firm Holland & Knight in Dubai.
In Dublin, it hired corporate partner Ross Little in April from Irish firm William Fry to act as its executive partner in the country.
It also opened a Brussels office in December 2015, led by its competition head Jonathan Branton.
The firm plans further expansion with jurisdictions such as Qatar high on the list of potential office locations.
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