Andrew Leaitherland will not remain at the firm.DWF's Andrew Leaitherland Replaced as CEO Amid COVID-19 Woes
Leaitherland has been replaced by current chairman Sir Nigel Knowles with immediate effect.
May 29, 2020 at 04:06 AM
3 minute read
DWF's Andrew Leaitherland has stepped down as CEO and managing partner of the firm, and is being replaced by current chairman Sir Nigel Knowles.
Announcing the change in a statement, the firm said the move is a response to the challenges brought about by COVID-19, and takes place with immediate effect. Leaitherland is to depart the firm, a person close to the firm said.
"In responding to the challenges created by COVID-19, the board believes that strong and experienced leadership is essential," the statement – published via the London Stock Exchange – read.
Leaitherland has led the firm since 2006, and last year steered the firm to the U.K.'s first ever law firm main market IPO. Under his stewardship, the firm has swelled from two U.K. offices to 33 offices across four continents.
However, the pandemic has destabilised the firm's growth strategy. Last month, the listed firm agreed to extend its current arrangements with its bank with a secondary revolving credit facility of £15 million, in place for 18 months. This tops up the firm's existing £80 million facility, and provides the firm with access to working capital facilities of £122 million.
In March the firm announced that it was a expecting lower than forecast revenue growth of between 15 and 20%. It also said the firm's international and insurance divisions had produced single digit rather than double digit growth due to a weak 2019 fourth quarter. The firm said it is to implement its cost cutting strategy that it expects will provide £10 million of savings in FY21 and £13.5 million in FY22.
Nevertheless, the firm said that April was its "strongest ever in terms of billings and cash collection, driven by a concerted action from the partners, with over £40 million of billings and over £45m of cash collected".
It also announced a better than expected net debt of £64.9 million.
Knowles, who made his name as global chair at DLA Piper over a 20 year tenure, joined DWF in 2017. Knighted for his services to the legal profession in 2009, he replaced Alan Benzie, who was in the role for 10 years.
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DWF Extends Credit Facility, Takes on More Debt as it Braces For Virus Impact
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