LAW firm DWF has seen a 23 per cent increase in net profit in its first full year since acquiring troubled law firm Cobbetts and completing four mergers in quick succession.

Profits increased from £20.8 million in 2012/13 to £25.5 million for the 2013/14 financial year, with revenue rising by two per cent from £188 million to £191 million.

DWF said it also made “major strategic investments in its people and IT systems” over the past year as part of a drive to integrate its 2,500 staff across 12 locations.

It added that revenue growth was now more closely in line with the market following last year’s 85 per cent increase in revenue due to merger activity.

Over a ten-year period the firm has grown its revenue by 543 per cent from £29.4 million in 2004.

As a result of a 12 per cent increase in its equity partner numbers, DWF has seen a four per cent decrease in its profit per equity partner (PEP) from £429,000 in 2012/13 to £411,000 in 2013/14. The firm’s eight new equity partners include promotions as well as lateral hires.

DWF’s managing partner & CEO, Andrew Leaitherland, said: “This year has been one of major consolidation as we’ve worked hard to fully integrate five separate businesses into DWF, and it’s a real sign of the strength of the business that we’ve been able to increase our net profit and revenue during this time.

“We’ve invested £12 million in technology to drive major operational efficiencies and support the integration of all of our people.

“We’ve also invested heavily in attracting and retaining the best talent for the benefit of the firm and its clients.

“We’re driving a significant transformation of our business which has required exceptional large-scale investments over the last year and which are strategically important in achieving our vision.”

DWF saw its strongest revenue growth in corporate and banking (up 18 per cent to £30 million), real estate (up 14 per cent to £29 million) and insurance (up three per cent to £89 million).

In the last financial year the firm invested £12 million in technology, undergoing a major consolidation of its IT systems to bring all of its staff onto the same platforms.

This included consolidating its accounting systems, launching e-billing to facilitate easy invoice processing and the introduction of new management information software.

Mr Leaitherland added: “We are a firm that has transformed itself in the last 12-18 months with important strategic investments designed to build a strong platform to support our vision and future growth plans.

“We have plenty of ambition and drive to continue this transformation in pursuit of our strategy to build a strong, sustainable business delivering client service excellence through innovative use of technology and sector insight.”

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