The firm has reported a 2 per cent drop in global revenue from £191m to £187.1m for the 2015/16 financial year, alongside a 2 per cent uptick in profit per equity partner (PEP) from £325,000 to £331,000. The PEP result is a considerable improvement on 2014/15, when profit per equity partner tumbled 16 per cent. However, the revenue result is lackluster in light of an aggressive expansion strategy which pushed turnover up 167 per cent between 2009 and 2013. The firm opened three new offices in the last financial year, in Dubai, Brussels and Germany, departing from its previous strategy of focusing growth on the UK and Ireland. There are also rumours that DWF is eyeing an opening in Doha in the next 12 months.
'Very early stages'
‘DWF is in a good position post-Brexit because we’re still at the very early stages of our international growth plans meaning that we’re not needing to retrench as some other firms are,’ commented chief executive and managing partner Andrew Leaitherland, adding that the firm would ‘learn from others in determining the best route for growth.’
Sources: The Lawyer; Legal Business
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