DWF flags Covid-19’s ‘material impact’ on profit and increased debt as Keystone declines dividend

DWF flags Covid-19’s ‘material impact’ on profit and increased debt as Keystone declines dividend

The UK’s largest listed law firm, DWF, expects the fallout from the Covid-19 pandemic to have a material impact on its profit and has entered talks with its lenders to extend its £80m credit facility and relax certain covenants. DWF provided a trading update to the London Stock Exchange today (27 March), setting out the …

Listed firms suffer Covid-19 fallout as Knights staff face sweeping cuts and Ince cancels dividend

Listed firms suffer Covid-19 fallout as Knights staff face sweeping cuts and Ince cancels dividend

Knights board members and staff earning more than £30,000 face pay cuts of at least 10% and some staff will be made redundant, while Ince has followed Gateley in slashing its interim dividend due to the impact of coronavirus. The listed law firms today (26 March) provided trading updates to the London Stock Exchange, citing increased …

‘Impossible to predict’ coronavirus fallout sees Gateley cancel £3m dividend and suspend guidance

‘Impossible to predict’ coronavirus fallout sees Gateley cancel £3m dividend and suspend guidance

Listed law firm Gateley has withheld more than £3m in shareholder payouts to keep hold of cash with activity dented by the Covid-19 pandemic. The firm said today (24 March) it would cancel its interim dividend of 2.9 pence a share, which was due to be paid at the end of this month, in order …

‘Doesn’t fit a law firm’: Kennedys looks to prove smarts with IQ technology arm spin-off

‘Doesn’t fit a law firm’: Kennedys looks to prove smarts with IQ technology arm spin-off

Kennedys has become the latest firm to spin off part of its services offering and open up to external investment in a bid to rapidly scale across the globe. The firm has today (26 February) launched Kennedys IQ, a technology and software services business owned by, but separate to, the LLP partnership. This brings together a …

The Addleshaws Interview – The rebound guy

The Addleshaws Interview – The rebound guy

Legal Business (LB): Looking at the finances of the firm over the past five years, you are one of the LB100’s top performers. What’s the secret? John Joyce, managing partner, Addleshaw Goddard: We’ve always had a good business. It lost its way, undoubtedly, and all we’ve done is refocus our efforts. We reintroduced focus on …

DLA cracks £1bn international revenue after pumping ‘tens of millions’ into offices and IT

DLA cracks £1bn international revenue after pumping ‘tens of millions’ into offices and IT

DLA Piper has increased profit at its international LLP for the fourth year running despite a sustained period of investing ‘tens of millions’ of pounds in office moves, refurbishments and IT systems. A strong year for its European offices – and the implementation of new accounting standards – simultaneously saw revenue lift 18.5% to £1.09bn, although …

‘We’re taking proximate steps’: DAC doubles up in Madrid with 20-lawyer hire

‘We’re taking proximate steps’: DAC doubles up in Madrid with 20-lawyer hire

DAC Beachcroft is looking for further opportunities in Europe and South America after doubling the size of its Madrid office by combining with a three-partner insurance boutique. The firm today (21 January) took on 20-lawyer outfit Asjusa, which focuses on professional liability and insurance in the healthcare sector, led by partners Eduardo Asensi Pallarés and …

‘International is the growth engine’: DWF eyes US after £42.5m Spanish acquisition

‘International is the growth engine’: DWF eyes US after £42.5m Spanish acquisition

DWF is looking to crack the US market with an acquisition which would likely surpass its £42.5m deal for a Spanish law firm announced today (11 December). The firm, which became the UK’s sixth and largest law firm to list in March this year, announced the acquisition of 40-partner Rousaud Costas Duran (RCD) alongside its half-year …

The Scots GC debate: Force multipliers

The Scots GC debate: Force multipliers

Hamish McNicol, Legal Business: How do you build your identity and culture as a legal team? And how do you then communicate your teams’ qualities to the wider business? Findlay Anderson, Baker Hughes Oilfield Equipment: The culture of the legal team comes from two different sources. One is the general counsel setting the rhythm for …