Geographic and organic growth strategy pays dividends for Dickinson Dees. - 03 Jul 2008
2007-8 has been an exciting year for Dickinson Dees with the firm’s first full year in Yorkshire and the opening of the London office. Both developments have played a significant role in enabling the core firm to deliver yet another year of double digit growth, the tenth in succession.
The year has also seen the Top 50 firm separate out its volume business into a separate trading division, now operating under the name “d3 Legal”. This change is reflected in the reporting of the financial results for the core and volume businesses now being separated. The core firm’s provisional results show a circa 12 per cent increase in turnover to £53.4 million for the year with all practice areas achieving significant growth, the Corporate department leading the way with an outstanding 22%. The credit crunch will inevitably impact on the performance of d3 Legal with the re-mortgage and conveyancing businesses suffering a decline in turnover in recent months, as a result of the global economic slowdown.
The firm’s strategy for continued growth is demonstrated clearly in the raft of new clients and major deals acted on across a variety of practice areas and in particular, the success of the firm’s Yorkshire office following the merger with corporate boutique, Philip Ashworth & Co., last February.
Dickinson Dees acted on deals worth over £8 billion across the UK and from all sectors – public, corporate, property, charity and private individuals. Key corporate deals include advising the Go-Ahead Group on its successful £1.1 billion bid for the new West Midlands franchise and advising Brewin Dolphin Securities in its role as sponsor on the £105 million flotation of Scottish insulation manufacturer, Superglass. New clients include Vertellus Specialties Inc. and PD Ports. The firm is regularly instructed by PD Ports on a range of matters including commercial contracts, regulatory, pensions and corporate legal advice.
Over the past 12 months, Dickinson Dees has executed a huge amount of high profile public sector work across the length and breadth of the country with a capital value of public sector deals closed in excess of £1bn. Key projects of national importance include the firm’s appointment to advise South Tyneside and Gateshead on a unique Building Schools for the Future scheme worth an estimated £142 million. The firm also advised Mid-Yorkshire Hospitals Trust on its £300m PFI project to fund two new hospitals at Pinderfields General Hospital, Wakefield and Pontefract General Infirmary.
2007-2008 has also seen the firm’s Yorkshire office deliver outstanding results. Turnover has more than doubled and staff numbers have trebled over the past 12 months with further significant growth planned. The growth of the Yorkshire office has been reinforced by investment in new offices in the former Terry’s Chocolate Factory and the recruitment of David Stone to lead their Yorkshire-based property practice. David’s reputation has led to a significant portfolio of new property development clients for the Yorkshire office, where there is already a team of nine property lawyers with further recruitment planned.
New client wins and the servicing of existing client needs in London and the South East have complimented the firm’s decision to open an office in London and is testament to the geographical reach that the firm has, whilst remaining committed to being headquartered in Newcastle.
“2007-8 has seen a further change in the firm’s transition from being the North East’s leading law firm to being the pre-eminent independent law firm outside London,” said Jonathan Blair, Managing Partner, Dickinson Dees. “This is increasingly evident through the geographical reach of our work and the capital value of the deals the firm has acted on. We have experienced strong growth across all core sectors, advising clients from FTSE listed companies to major local authorities to private individuals and small owner-managed businesses.”
“Delivering service excellence to all our clients is the key to our continued success. Our investment in great people will ensure a strong long-term future for the firm. The depth of expertise across our practice areas reinforces our national reputation for quality and has led to significant client wins over the past twelve months,” continued Jonathan. “This culture of excellence underpins Dickinson Dees’ vision and will continue to drive our growth both regionally and nationally in the years to come.”