Legal Business Blogs

Blazing a trail: DWF unveils 58% H1 revenue growth and increased profits

It set the market on fire this year after picking of the lion’s share of Cobbetts at the end of an explosive 18-month spell of consolidation, so it comes as no surprise that DWF has posted a 57.5% increase in half-year revenues to £93.6m from £59.4m this time last year.

According to the 984-lawyer, top 25 firm, over 10% (£6m) of its reported revenue growth is organic, the remainder stemming from the firm’s merger with Fishburns and acquisition of Cobbetts, both in February 2013. The firm said profits were also up significantly at the half-year stage, although it was unable to provide any figures yet.

Revenues from its 230-lawyer strong real estate practice, which was considerably bolstered by the Cobbetts takeover, have grown by 92% from £7m to £13.5m and now accounts for 15% of overall turnover. In addition to the Cobbetts hires, the firm bulked up the practice this year with the hire of a 12-strong team from Eversheds, including its former real estate head Adam Heather and former senior partner Adrian Stanley. The firm also hired another six partners, which included former Wragge & Co partner Toby Askin to head up the practice in London and Birmingham.

The firm’s core insurance practice saw revenues increase by 34% to £41m, now accounting for 47% of the firm’s total revenue – no doubt a result of its tie-up with London insurance firm Fishburns. Meanwhile, the firm’s sector focus is also showing signs of eye-watering growth, with revenues in the transport sector practice up by 81%, while turnover in the retail, food and hospitality group has grown by 87%.

Managing partner and CEO Andrew Leaitherland said: ‘We’ve worked exceptionally hard to deliver what are, by all accounts, very robust half year results. We have experienced significant benefit already from our acquisitive phase over the last 12-18 to months and we’re now really beginning to gain traction in our chosen markets as our clients build increasing confidence in our ability to deliver exceptional client service at an affordable pricing point.’

For more on the meteoric rise of DWF, see ‘Pretenders to the throne – the regional players with national ambition