DLA management reshuffle follows record 140m revenue

City firm DLA's revenue has reached a record high of nearly 140 million, it was announced last week, amid a reshuffle of the firm's management board.

DLA's gross fee income has grown by 11% to 139.84 million this year, and profits per partner have increased by a similar amount.

A DLA equity partner is now making an annual profit of 305,000, compared with 275,000 last year.The firm overhauled its management board on 1 May, changing the rules to prevent regional managing partners from sitting on the board.

Because of the rule change, Paul Nicholls, London managing partner, was forced to stand down.

Leeds corporate head Alastair Da Costa has been elected in his place.

DLA's London office accounts for about one-third of DLA's total fee revenue.There are two new positions on the board, following the creation of two divisions.

Andrew Darwin has joined the board as head of the transactions division, covering banking, business support and restructuring, corporate, human resources and property; Neil Micklethwaite has joined as head of the solutions division, covering business services, insurance, litigation, and marine, aviation and reinsurance.The rest of the board remains the same, with Roger Lane-Smith as senior partner, Nigel Knowles as managing partner, elected partners Janet Legrand and Peter Wayte, finance director David Liddle andnon-executive director Sir Roland Smith.Mr Knowles said: 'Our new structure streamlines our decision-making process and will enable us to advance our strategy even more quickly in the future.'Mr Knowles said the firm will have laid out as much as 32 million by the end of this year on infrastructure and improvements.

He denied that there had been any significant increases in borrowing, saying: 'I'm very confident that we are on the right track and I expect us to do even better this year, with fee income rising to over 160 million.'The results should put DLA in a strong bargaining position as it plans the next move in its European expansion.

Last year, the firm forged alliances in Belgium, France and Spain and merged with a Scottish firm.

It is currently in talks with 23-partner Dutch firm Schut & Grosheide.

It is also in preliminary talks with firms in Italy and Germany.

Anne Mizzi