The firm’s total turnover rose to £280 million, an increase of £5 million (2%) on the previous year. Profit before tax was £62 million and profit per member was circa £652k.
David Pollitt, DAC Beachcroft’s Managing Partner, said, “Our focus this last year has been on investing in the future of our business. During FY21 we were continuing to manage the highly unusual circumstances thrown up by the COVID-19 pandemic. Like many firms, we posted very strong numbers in FY21, and we took the strategic decision to reinvest some of this back into the business in FY22 in a number of different areas.
“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.”
During the 2021/22 financial year, DACB continued to invest not only in new systems and technologies, but also its people. Last summer the firm rolled out Flex Forward, which has transformed ways of working. The innovative approach gives colleagues the flexibility to balance their personal and professional commitments more easily and truly enjoy a life that works. The firm made 11 lateral hires during the year and promoted 17 to partner in May 2022. It also has a key focus on developing the next generation of talent, including an ongoing commitment to providing alternative routes into the legal profession.
DACB’s innovation work was once again recognised, with the firm being the big winner at the 2022 Legal Innovation Awards, scooping two awards: for Outstanding Training Innovation and for Leading PR & Communications Innovation. Investments in innovation continued with the launch of the Crisis Room app, which provides clients with a single digital solution for effective crisis management, and further developments of AIDan, its AI-powered tool which assists with the initial triage process of potential insurance recovery claims.
Internationally, DACB has recently signed a cooperation agreement with existing Legalign Global partner BLD Bach Langheid Dallmayr, the market-leading insurance and liability law firm in Germany, giving the two firms more lawyers in Europe than any other insurance-focused law firm. It has also made a key lateral hire in Chile, bringing in leading insurance professional Macarena Cámbara, and has more international hires in the pipeline.
Finally, DACB reinforced its market-leading position in the healthcare sector after being named Legal Advisers of the Year (Public Sector) at the HealthInvestor Awards for the second consecutive year in June 2022. The team has made significant client-focused investments in the last 18 months, with six key lateral hires and the expansion of its charities offering.
