Page 49 - DWF Annual Report 2017

Members’ Report

Trading also added international non-legal DWF made 36 lateral partner hires in
Following continued investment in capability in Canada, USA, Australia the UK in FY 16/17 (FY15/16: 24)
international growth, DWF has and Ireland. Their UK office footprint and now employs approximately
announced FY 16/17 global revenues matched that of DWF and as such 2,700 people across 25 locations,
of £199.3m, a 7% increase from prior offered immediate, and material, 11 countries and 4 continents.
year (£186.9m). PEP has stayed flat operational efficiencies.
year on year although the number of Funding
Equity Partners has grown by 6% due Existing international locations have The LLP is funded by a combination
to acquisitions and lateral hires in the continued to grow with a new office of fixed capital, retained current
year. DWF’s LLP UK revenues for being opened in Berlin allowing DWF accounts of our members, and
FY 16/17 are £183.3m, a £1.5m to enhance its offering in Germany, external borrowings. At year end 30
increase from prior year despite a particularly in the financial services April 2017, the external borrowings
competitive UK market and a surprise sector where the Firm has a particular comprised a revolving credit facility
result from the Brexit referendum specialism in fintech. (“RCF”), overdraft and term loans, the
which impacted on real estate and RCF being committed until July 2018.
corporate transaction volumes. Events after balance sheet date As the RCF is committed to July 2018
On 1 July 2017 DWF opened an office the Firm intends to refinance before
International expansion and merger in Singapore with 2 new Partners to that date. The firm has held
activity continues to drive additional specifically meet the growing demand discussions with its banks about its
growth with 4 significant mergers in from our clients across the ASEAN future borrowing requirements and
the year: region. The team will be working has received credit committee
primarily in Litigation and Arbitration approval with no conditions precedent
On 1 May 2016 DWF merged with whilst acting as a regional springboard from the banks of their intention to
Fox Hartley, a Bristol based Law Firm for two of our key sectors – Financial make available new funding which
specialising in litigation and alternative Services and Insurance. will be a combination of a revolving
dispute resolution services for major credit facility, overdraft and term loans.
insurer and manufacturer clients. The On 16 October 2017 DWF opened an The new RCF will be committed for
Firm acts for UK and global insurers, in Italian office based in Milan with 4 new 3 years through to 2021. The LLP
relation to catastrophic injury, aviation Partners and a supporting team of 12 continues to place significant
claims, property damage, business lawyers. The team bring expertise in emphasis on optimising lockup
interruption, policy wording disputes delivering complex corporate, finance, management to reduce borrowing
and the development of new tax and ligation advice on matters costs and to increase funds for
products. The merger will support arising from domestic and international working capital requirements.
DWF’s growing focus on the Lloyd’s M&A and private equity activity.
insurance market and enhance the Expansion in to Italy will strengthen For details regarding the firm as a
Firm’s delivery of high value DWF’s offering in continental Europe going concern, please refer to note
commercial litigation work whilst building on the expertise of the one within notes to the accounts.
existing sector focus.
On 1 December 2016 DWF merged Financial outlook
with C&H Jefferson, one of the largest On 1 May 2017 DWF launched a new Our net profit performance is strong
legal practices in Northern Ireland giving specialist business division called given the investments made in people
full coverage of Ireland – a key strategic Connected Services. Connected and infrastructure to build a sustainable
move following the Brexit result. Services consolidates all non-legal, legal business which is equipped to
non-regulated services under one roof cope with a fast-changing marketplace.
On 1 January 2017 DWF merged to offer a set of complementary and The focus over the last 3 years has very
with Parisian Firm, Heenan Paris, who specialist business solutions, as well as much been on driving growth whilst
have an international focus with client consultative services and products, that also investing in post-merger
presence in Africa. France is one of sit alongside DWF’s core legal offering. integration to ensure that our people
the key trading relationships with Launched in response to growing are operating on a common platform in
Germany, giving DWF a strong demand from the business’s clients, “the DWF way”.
European footprint. the new business division will see
DWF diversify its offering and expand
On 24 January 2017 DWF acquired its remit into research & development,
Triton Global (a distressed purchase/ technology incubation and the creation
pre-pack administration) who, whilst of a suite of commercially-focused
being predominantly UK based, have business solutions.
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