Once a storied institution in the Scottish legal market, Dundas & Wilson has unveiled its last ever financials and has recorded mixed results, with unaudited figures for the 2013/14 financial year showing a revenue decrease of 4.5% to £47m from £49.2m, while profit per equity partner (PEP) increased 8% to £181,006 from £167,625. The fall in revenue constitutes a 29% drop over the last five years.
Revenue per partner came in at £684,351, equalling a 6.3% rise on the year before. Profit before taxation, meanwhile, fell 3% and stands at £12.4m compared to £12.8m in 2012/13.
Having been one of Scotland’s most revered firms, it endured a downward spiral post-Lehman. Last year it announced a double-digit drop in turnover at the end 2012/13 to £49.2m from £54.5m, with profit down 21% to £12.8m from £16.2m the previous year.
One of the poorest performers in the LB 100 last year, Dundas experienced a 35% drop over a five year period, down from its 2008 high when turnover was £74.8m.
The firm’s misfortunes came to a head in December last year when it was announced that it would combine with CMS Cameron McKenna following six months of talks, giving the Cameron McKenna partnership combined revenues of less than £300m.
Dundas officially lost its name when the merger went live in May and was rebranded as CMS Cameron McKenna following a transitional period. Partners and staff at Dundas’ London office were also expected to move out of their premises in Aldwych to CMS’s new City premises Cannon Place, where the lease will officially begin in 2015.
Prior to the deal, the Scots firm was plagued by mulitple partner exits including construction partner Siobhan McCloskey-Oudahar; head of real estate disputes Andrew Walker; employment partner David Walker; head of environment Mark Brumwell; employment partner Mandy Laurie; IP/IT partner Allan Wardhaugh; and corporate partner and former chairman David Hardie.
For full analysis of the merger from Legal Business click here.
Sarah.downey@legalease.co.uk