Law firms

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

Hope floats

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 board’s expectation that revenue for the year to 30 April 2020 would be below previous expectations. The final quarter of each financial year is typically the most important to its financial performance, the firm said, which coincided with the coronavirus outbreak.

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