News In Focus
Revenue down, but profits up at D&W
Revenue at Dundas & Wilson (D&W) dipped 8% in 2009-10 to £61m, its lowest point since 2007, though profits increased slightly to just over £25m, the firm announced today.
Earnings per partner also increased 3% to £317,000 from last year’s figure of £308,000. The firm is one of the few remaining all-equity partnerships.
Like many of its peers, D&W was forced to make a number of redundancies during the financial year, although the firm states the number of partners has not materially reduced.
Managing partner Donald Shaw said: “Clearly, conditions for the legal sector have been extremely tough, although we saw much increased confidence in the second half of the year.
“We expected revenues to drop in the first half of the last financial year as clients continued to adjust to their own cost pressures. However we are encouraged by refreshed and often increased workflows across the firm.
“It’s still too early to say that legal services is out of the woods, and it may well be a long time before we see the deals market return to its previous strength. We have been proactive in considering how best to manage our business in a changed market, and have looked closely at our market offerings to ensure they reflect what our clients need, so we continue to provide the quality service they expect from Dundas & Wilson.”