Legal Business Blogs

H1 2016/17: Watson Farley achieves 14% growth as DAC endures a slower first half

Watson Farley & Williams (WFW) has reported strong first half results for the 2016/17 financial year as DAC Beachcroft saw its turnover grow just over 1%.

WFW recorded a strong first half to the year with its revenue growing 14% for the first six months of the financial year. H1 turnover grew from £59.5m to £67.6m. The LB100 firm’s full financial results for 2015/16 saw turnover increase 5%, hitting £131.6m.

The firm’s co-managing partner Chris Lowe (pictured) said: ‘This is a very encouraging financial result for the firm, building on the solid 5% revenue increase achieved in the 2015/16 financial year. The past six months have seen significant market volatility due to events such as the Brexit vote, but this is something WFW is well placed to manage.’

Last year, the firm invested heavily in lateral hiring by adding 17 new partners to its offices, while last month WFW also strengthened its Dubai office, adding aviation finance partner Oliver Tebbit from Clyde & Co.

Meanwhile, DAC has seen a weaker financial performance for the six months ending 31 October. The firm’s revenue for the period stood at £102m, up 1% on the same period in 2015/16.

The firm saw a steady financial performance for 2015/16, reporting a turnover increase of 2% to £201.6m while profit was up 9% to £35m.

DAC managing partner David Pollitt said: ‘I am pleased with this good result at the half-year stage, which bears testament to the continuing hard work of all our people. We have managed to trade through some difficult market conditions in the first six months of this financial year, hitting the tough targets we set ourselves at the beginning of the year.’