Warsaw, Poland.DWF Acquires K&L Gates' 85-Strong Warsaw Base
The listed firm said it expects the Warsaw outpost to generate revenues of £7 million ($9 million) in the next financial year.
May 02, 2019 at 04:14 AM
3 minute read
DWF is set to make its first acquisition since its March IPO, agreeing to take over U.S. firm K&L Gates' Warsaw office.
The listed firm has agreed to pay £3 million ($3.9 million) in the deal, which will see it launch its first base in Poland.
It will be the first acquisition for DWF since it listed on the stock market earlier this year and will see a total of 85 people join the firm, including 11 partners, 45 lawyers and 31 support staff.
The Warsaw office, formerly known as K&L Gates Jamka, is expected to generate revenues of about £7 million ($9 million) in the financial year ending April 30, 2020, according to DWF.
DWF managing partner and CEO Andrew Leaitherland said in a statement: "This move will strengthen DWF's capabilities in our global sectors of financial services and real estate, among others, and provides further opportunities in technology and energy where our businesses have strong alignment.
He added: "Poland has a strong and dynamic economy and is an important gateway to central, eastern and southeastern Europe as a whole. Having a presence there delivers on our international strategy to be where our clients need us to be."
A spokesperson for K&L Gates said in a statement: "After a careful and thorough assessment of our clients' needs against the backdrop of economic and related trends, current and future opportunities and factors in the market, and the great strength of the firm's other offerings in Europe in particular and elsewhere, K&L Gates previously determined that it was in the best interest of the firm to separate from the practice based in Warsaw.
"The Warsaw-based lawyers are now in the process of joining with another firm and we are working with them on an amicable termination of our remaining relationship. We wish them the best in their new affiliation."
The Warsaw office will be DWF's seventh continental European office, alongside Brussels, Paris, Milan and three in Germany.
Last month, DWF announced that it was preparing to close its Milton Keynes office at the end of this month, in a move that would affect 17 members of staff and one partner.
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