Eversheds Sutherland and Irwin Mitchell also post results
DWF has reported a 14% increase in revenues, some 10 months after it delisted from the London Stock Exchange following a buyout by a private equity firm.
DWF, the largest law firm to float on the stock exchange in 2019, saw its revenues increase from £380 million to £435 million for the year ending April 2024.
The firm delisted in October 2023 after accepting an all-cash offer from Inflexion, a private equity firm that also holds a stake in legal rankings company Chambers & Partners.
Sir Nigel Knowles, chief executive officer of DWF, said:
“This is an excellent performance for our business and provides further evidence that our integrated legal management approach is helping us win with our clients. We have achieved continued profitable growth despite macroeconomic uncertainty, which is testament to the exceptional service our colleagues provide, and the trust placed in them by our clients.”
The results come a little over a month after DWF appointed Steve Varley, the former head of EY in the UK and Ireland, as its independent non-executive chair. Varley served as chair and managing partner of EY in the UK and Ireland from 2011 to 2020, and as global vice-chair of sustainability at EY Global from 2020 to 2023.
Meanwhile, Irwin Mitchell saw its revenues surpass the £300 million barrier for the first time thanks to 10% uplift from £276.4 million. They now sit at £304.3 million for the year ending 30 April 2024.
Profit before tax, which is after all colleagues and partners have been paid, climbed from £15 million to £21.7 million, a whopping uptick of 45%. IM did not provide a figure for its profit per equity partner (PEP)
Craig Marshall, group chief executive at Irwin Mitchell, said:
“Despite a year of significant change in the business we’ve demonstrated remarkable resilience to deliver a strong performance. We have a strong balance sheet and head into the new year with positive momentum as we focus on becoming a more agile and dynamic business for the future delivering sustainable and profitable growth.”
He continued: “Our client and colleague experience continues to stand out from the crowd and our latest results are testament to the hard work of our colleagues throughout the year.”
Finally, Eversheds Sutherland saw revenues climb a muted 3% to £749.4 million while net profit remained flat at £175.1 million. PEP rose just 1% to £1.3 million.
“Against the backdrop of more challenging economic conditions in many of our international markets, we have delivered a solid set of results,” said chief executive Lee Ranson. “We have continued to invest in people, infrastructure and technology. With signs of improving activity in the transactional markets, I believe that we are well placed to continue to drive our global strategy forward.”
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