DWF, the UK’s biggest listed law firm, is to close two of its international offices and to scale back two more, in a drive for 'more profitable growth'. Around 60 people are expected to lose their jobs, including 13 partners.
Following a strategic review, the firm has decided to shut its offices in Brussels and Singapore. It will also reduce its presence in Dubai and Cologne, consolidating its German operations to Dusseldorf, where it opened in October last year.
Sir Nigel Knowles, group chief executive, said: ‘Our international division is a critically important engine for growth for our business. International revenue increased by around 50% in the last financial year and the division now accounts for more than a quarter of all group income. It is a vital ingredient in our business model to support our global client base.
‘The decision to close two of our smaller locations will help drive operational improvements across our business to generate more profitable growth. Longer-term, these markets remain of interest but this is the right move for DWF at this time.’
DWF said there are no plans for further closures or significant reductions in its remaining 31 locations.
In May, Andrew Leaitherland was replaced as chief executive and managing partner of DWF with immediate effect. Citing the ‘challenges created by Covid-19’, the firm said ‘strong and experienced leadership is essential’.
DWF Group shares fell 2.4% to 53.7p this morning, down from 142p in February.