DAC Beachcroft records seven per cent rise in pre-tax profits
International law firm DAC Beachcroft, which recently celebrated 10 years in Dublin, saw its pre-tax profits grow by seven per cent to £56 million in the 2019/20 financial year.
Profit per member grew three per cent to around £590,000, maintaining the “above £500k” benchmark for the third consecutive year, its financial results reveal.
In total, the UK-headquartered firm’s turnover was £258 million, a six per cent increase on the previous year, and its net cash position improved, having £8 million net cash by year end.
This is the firm’s sixth successive year of combined turnover growth, profit before tax growth, profit before tax margin growth, profit per member growth, and net debt reduction/net cash enhancement.
Lisa Broderick, partner and location head for Dublin, told Irish Legal News: “Our Dublin office has gone from strength to strength over the last year, and we are pleased to have contributed to the firm’s strong overall financial performance.
“In 2019 we celebrated ten years in Dublin, and over the past few months we have been steadily growing our team through key lateral hires, including corporate partner Sharon McCaffrey and competition law partner Joanne Finn. We also moved to new premises at Three Haddington Buildings, Percy Place to accommodate our expansion.
“With our full-service offering and further hires in the pipeline, we are meeting the needs of our clients and increasingly becoming the law firm of choice in the Irish market.”
DAC Beachcroft expanded into Belfast last summer through the acquisition of McKinty and Wright, taking on that firm’s highly-regarded insurance business.
David Pollitt, managing partner of DAC Beachcroft, said: “Our results reflect, at the Group level, yet another year of consistent improvement. I am very pleased we were able to end the year strongly, particularly given the impacts of COVID-19 which started to take hold in the final quarter.
“Throughout the year we continued our steady expansion – launching in Belfast, joining forces with a market-leading healthcare law firm in Madrid, adding corporate/commercial and competition capabilities in Dublin, taking on a number of new hires in Glasgow – and we have benefited from our first full year in France.
“We are also delighted that DAC Beachcroft is increasingly becoming the firm where talented people want to work, both in the UK and internationally. The strategic growth we are pursuing is driven by client demand and our desire to serve them more fully as a truly international firm.”