DLA Piper revenue grows 5% as firm cites knock-on effects of cyberattack
Payment for the global firm's top team grew by 22%
February 01, 2019 at 05:46 AM
2 minute read
DLA Piper's non-US turnover grew 5% last year, with the firm stating it is still seeing the knock-on effects caused by a major cyberattack.
According to its international LLP accounts, the firm hit £919m in revenues during 2017-18, up from £876.8m the previous year.
In 2016-17, the firm recorded far higher growth levels, including a 14% uptick in revenues, though a significant amount of the growth was attributed to exchange rate inflation.
Finance director Claire Chellam said: "Growth in the UK is 10% without exchange inflation and we're really pleased with that."
She added: "To have the result that we had in a year that had a major disruptive event in it, is one that we're very proud of."
Payment for DLA Piper's key management team increased by 22% to £44m, up from £36m last year, after the group increased in size.
Profit to be split among LLP members rose slightly this year by 4% to £316m. Last year, operating profit saw a 16% increase.
The number of fee-earners grew 5% to 2,135, while operating costs increased by nearly 6% to £600m.
The firm underwent a shake-up in its global management team at the end of 2017, when senior partner Juan Picon left to head up Latham & Watkins' Madrid office. He was replaced by current senior partner Andrew Darwin.
London-based international managing partner Simon Levine was re-elected to the role in October for his second four-year term, after facing no challengers.
Earlier this month, DLA opened its Dublin offering with the hire of four partners from Irish firms, while last year the firm expanded into Latin America through an affiliation agreement with Argentine firm Cabanellas Etchebarne Kelly, and later tied up with Danish law firm Delacour, boosting its headcount by 60.
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