Lawyers at international firm DAC Beachcroft, which has a large office in Bristol, are to share a bonus payout of around £7.7m – 40% more than last year – on the back of strong annual profit and revenue growth.
The firm, which said 70% of staff would receive a bonus, reported a 21% increase in pre-tax profit to £8m on annual turnover up 11% at £230m.
As a result, profit per member grew 23% to circa around £530,000. The firm also reduced net debt by 26% to £14m, a fifth consecutive year of reduction.
The firm said over the past three years pre-tax profits had increased by 46% and profit per member by 79%.
Managing partner David Pollitt said: “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.”
During the year the firm, which has 31 offices across the globe, extended its reach in Latin America, adding Argentina to its now 11-country strong network through an alliance with Lopez Saavedra Villarroel Abogados.
It also entered into a new collaboration with Oldham, Li and Nie in Hong Kong.
Mr Pollitt added: “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.”
