DAC Beachcroft reports turnover up to €331m but profits dip
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David Pollitt
International law firm DAC Beachcroft has announced a small increase in its turnover to £280 million (€331 million) while profit before tax fell by seven per cent to £62 million (€73 million).
Profit per member was around £652,000 (€771,600), down from £700,000 (€828,000) in the previous year, according to the firm’s provisional, unaudited results for the year ended 30 April 2022.
Managing partner David Pollitt said the firm had “posted very strong numbers” in the previous fiscal year and had taken “the strategic decision to reinvest some of this back into the business”.
Mr Pollitt said: “This year, for example, we made a significant investment in a new practice management system which came online last summer and will underpin our firm for years to come.
“We have also put substantial funding behind cloud technology and cyber security to help us work smarter and to futureproof the firm.
“Our focus on pursuing international growth has been reinvigorated and we expect to bring projects to fruition during the course of FY23. The investments are significant, made possible by a strong FY21, and we are confident that they will further strengthen our business and support our ability to be agile and better meet the growing needs of our clients.”
The firm made 11 lateral hires during the year and promoted 17 to partner in May 2022, including three new partners in Dublin.
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