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Published 19 July 2018
Today, international law firm DAC Beachcroft announced its provisional, unaudited results for the year ending 30 April 2018.
Total turnover was £230m, an increase of £23m (11%) on the previous year. Profit before Tax grew to £47m, an increase of £8m (21%) on the Firm's 2016/2017 results. As a result Profit per Member grew 23% to circa £530k. The Firm also reduced net debt by 26% to £14m, a fifth consecutive year of reduction.
On the back of this strong financial performance, the Firm has awarded bonus payments of around £7.7m to its staff, an increase of 40% on FY17 bonuses, with over 70% of eligible employees receiving a bonus.
In headline terms:
David Pollitt, Managing Partner, commented: "The benefits of our adherence to our clear purpose and strategy are evident, once more, in our financial performance. The strong revenue growth in the year, the continuing trend of growth in profit and profit per member and the ongoing decline in net debt are the results of a commitment to outstanding client service, our investment in our colleagues and more efficient financial management. We have established a robust platform for the future delivery of sustainable value, including an increasingly strong balance sheet created through policies of prudent financial management.
"We have extended our reach in Latin America, adding Argentina to our now 11-country strong network through an alliance with Lopez Saavedra Villarroel Abogados. Legalign Global is showing tangible results, delivering on the promise that all the four member firms** of the alliance anticipated. We have also entered into a new collaboration with Oldham, Li and Nie in Hong Kong.
"We continue to invest in building an innovative and inclusive law firm. Over the year we welcomed 30 new partners, a Chief Operations Officer and a Head of Responsible Business. We introduced a new Members' Agreement, will move to new London offices in 2019 and are developing a new Practice Management System. We are in good shape."
** Member firms are: BLD Bach Langheid Dallmayr (Germany), Wilson Elser (USA), Wotton + Kearney (Australia)