THE annual turnover of law giant DWF rose by almost 12% to more than £60.6m, the firm’s latest accounts reveal.
But profit dipped to £13.1m, down 7.7% from £14.2m in 2008.
Opening new offices in Liverpool, London and Leeds, as well as acquiring new management software, also led to a surge in the amount of debt the firm is carrying. In 2008, total borrowings were just less than £10m, but now they are more than £16m.
Nevertheless, managing partner Andrew Leaitherland said it had been a positive year.
The accounts were made public late last week and have been published as the firm confirmed it is moving 30 of its insurance staff – who operate under the Resolution Law banner – into new offices in The Plaza.
Mr Leaitherland told LDP Legal: “We are quite pleased with the performance in the current market conditions. Profits are down, but not hugely.
“We made big investments in terms of new offices and IT systems last year, and we’re going to get the benefits of that.”
In notes to the accounts, the principal members also reveal they have signed a new finance deal with the Cooperative Bank.
Mr Leaitherland said the firm was keen to set that £4m facility up after two of the banks it dealt with merged.
He added: “We used to always have three banks as a firm – Bank of Scotland, Lloyds and RBS, but Lloyds and HBOS merged.
“We had a chat with a few banks and Co-operative came up trumps. They provide a third of our overall facility.”
The firm, which employs around 315 people in Liverpool, also says this year’s results are out-performing last year’s, and that £4m of the debt has already been paid off.
The firm is opening a new mini-office separate from its main city base in St Paul’s Square. It is taking on space at The Plaza, nearby on Old Hall Street.
DWF’s Resolution Law team, which deals with claims-based insurance law, is taking 8,000 sq ft on the ninth floor.
The specialist, 30-strong division was set up in June last year to work for claimants direct or through their insurance companies.
On the move, partner David Blaquière said: “This latest move is a further sign that we are continuing to buck the trend.
“Resolution Law is a growing part of our business, and our specialists have the experience and expertise to handle even the most complex accident claims and personal injury cases.”
