Following a year of remarkable growth through strategic mergers and acquisitions, business law firm, DWF, has reported a 41 per cent increase in net profit for the financial year ending 30 April 2013.
The firm has reported an 84 per cent growth in revenue, delivered through mergers and acquisitions, lateral hires and organic growth, meaning that DWF ended the year with a turnover of £188 million. It has also revealed that its PEP figure now stands at just over £429,000.
The growth is not surprising considering that the period 2012/2013 saw the completion of a number of significant deals for DWF, including several high profile mergers with Scottish-based practice, Biggart Baillie; Birmingham firm, Buller Jeffries; and professional indemnity practice, Fishburns. In February this year DWF also acquired Cobbetts, taking its total number of people to just over 2,500.
Andrew Leaitherland, Managing Partner and CEO of DWF, comments: “We have been very clear about our ambition to expand our national presence, and that we see strategic mergers with like-minded firms as a key part of this. The decisions we’ve undertaken in the past year have all been led by market demand and have served to reinforce the expertise we have as a team.”
DWF’s expansion has been supported by a number of prominent lateral hires to further strengthen its sector teams. This includes the appointment of commercial litigation partner Andrew Harris, from DLA Piper; partner, John Perez, and his legal team from Chafes Solicitors to DWF’s national asset finance team; and the appointment of leading aviation and asset finance specialist, Alison Wilds, and her team from Harbottle & Lewis. DWF also recently announced the appointment of four new partners – including Gavin Jackson, Adam Heather and Adrian Stanley – and eight lawyersfrom Eversheds to its Real Estate team.
DWF has also made a number of appointments to its management team, with Paul Rimmer taking up the position as executive partner of the Liverpool office and David Gray, former chairman of Eversheds International, joining the firm as a non-executive board director in May 2013.
Andrew continues: “We have achieved a lot this year and made significant headway towards our goal of becoming a top 20 law firm and this is down to the fantastic effort of all of our people, and tremendous support from our clients. We have more exciting plans on the horizon for the coming year which will lead to further growth in net profit and turnover. The appointment of David demonstrates our ambition for not only national, but international growth as we continue to build our business whilst keeping our values and culture intact.”