Dickinson Dees has unveiled double-digit growth in both turnover and profits after the Newcastle giant today (25 May) announced its financial results for 2006-07.
Average profits per equity partner (PEP) at the northeast firm hit £366,000, a 14% rise on last year’s mark of £321,000. Meanwhile, fee income at the top 50 UK firm improved by 17% to reach £56m – up from £47.8m for the equivalent period last year.
The results, which mark a significant improvement on last year’s static profitability, follow 12 months of expansion by Dickinson Dees. The firm this year opened an office in the City focusing on servicing clients in the transport, projects, real estate and construction sectors.
The Newcastle giant also made a surprise debut in the Yorkshire market with the takeover of local corporate boutique Philip Ashworth & Co.
Additionally, the firm will hive off its entire £6.5m volume business as part of a wider restructuring of its UK practice.
Commenting on the results, managing partner Neil Braithwaite said: “[This] has been a year of substantial growth with the firm strengthening its reputation as a regional leader with national reach.”
He added: “Our previous investment into the business has provided a successful springboard for the firm’s future growth across all practice areas.”
