U.K.-based DWF has posted revenue growth of 18 percent, from £201.3 million ($263 million) to £236 million ($308 million) for 2017-18 ahead of the firm’s initial public offering (IPO), expected to take place early next year.
The boosted topline comes on the back of a year of significant investment at the firm, including new office launches in Singapore, Italy, Qatar, Australia, new practice launches in France and the UAE, as well as an expansion into Istanbul through an exclusive alliance with local firm Ozkan Law.
In its statement, the firm said it has brought in 35 new partners across its global network, and promoted nine to partner this financial year.
Last year, the firm broke through the £200 million ($261 million) barrier for the first time, but experienced a 10 percent drop in profit per equity partner (PEP). This year, the firm has not confirmed its PEP figure in line with reporting requirements as it moves to float, but has said that the amount has increased.
“We are working with advisers on moving to reporting on an International Financial Reporting Standards basis, should the board decide to proceed with the listing,” a spokesperson at the firm said.
DWF managing partner Andrew Leaitherland noted that it has been a very strong year for DWF, with growth across all its businesses. “Our differentiated offering of services, with innovative nonlegal services supporting our core strengths in commercial and insurance, is having a real impact with clients,” he said.
In December, Leaitherland was reappointed for a fifth term in the top job.
Alongside developing its ties with blue-chip clients such as Adidas, Lloyds Banking Group, Telefonica and Whitbread, this year has also seen DWF launch a new “connected services” innovative solutions arm, and also hire a new head of managed services, Anup Kollanethu, who joined from Magic Circle firm Freshfields Bruckhaus Deringer in August.
Earlier this summer, talk of a possible IPO gathered pace, with the firm confirming in June that it was considering floating on the London Stock Exchange in early 2019. Following this, the firm has contended with suggestions that its decision to float is influenced by its debt levels.