22 Mar 2023 11:21
DWF Group plc
("DWF" or "the Company" or "Group")
22 March 2023
Internal structure update
DWF, the global legal business, today provides an update which will further support its vision to be the leading global provider of integrated legal and business services.
From 1 May 2023, DWF will operate through the following global structure:
● | Commercial Services - combining our commercial Legal Advisory teams with business services including Global Entity Management, Forensic Accountants, ESG Consulting and Regulatory Consulting;
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● | Insurance Services - bringing together more than 1,600 specialists and combining our insurance-focused legal and business services expertise under a single leadership team;
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● | Legal Operations - our alternative legal services provider, delivering services including eDiscovery, contract management, compliance, legal technology, consulting and operations, and knowledge management.
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The complementary range of products and services, currently housed within Connected Services, will now sit in either Insurance Services or Commercial Services. Connected Services has performed strongly in recent years, with revenue increasing from £21m in FY20 to £34m in FY22 and gross profit more than doubling in that period. Over 70% of those revenues come from the insurance market.
These changes to the Group's internal structure are a natural evolution to those made at the start of FY22, and will allow DWF to go further in how it delivers its integrated offering to clients.
Nigel Knowles, Group CEO, said: "This is the next step in our strategy, integrating colleagues in such a way that our internal operations align with the services we provide and the clients and markets we serve. Many of our largest global clients are insurers and our integrated legal management approach is of particular relevance to them. By bringing legal and business services colleagues together into our two largest divisions, we will deliver a truly integrated offering to clients, drive greater internal collaboration and support profitable revenue growth."
"As we look to drive collaboration, scale our offerings and grow our business globally, we will, consistent with our stated strategy, also continue to look for opportunities to grow through M&A, adding further capability in each division with a particular focus on core jurisdictions."
Matthew Doughty has been appointed CEO of Insurance Services and will continue in his role as Chief Growth and Strategy Officer. These roles have substantial overlap in responsibilities, not least in terms of implementing the Group's integrated strategy with more of its key clients and leading on inorganic expansion opportunities.
Commercial Services will be led by the Group's existing Legal Advisory CEO, Paul Rimmer. Legal Operations will be led by existing Mindcrest CEO, Rob Marks.
DWF will provide a further update on the implementation of the revised structure and the implications for Group reporting for FY23 onwards when it publishes its financial results for the year ending 30 April 2023.
For further information | |
DWF Group plc James Igoe - Head of Communications
| +44 (0)7971 783533 |
H/Advisors Maitland Sam Turvey Sam Cartwright
| +44(0)20 7379 5151 |
About DWF
DWF is a global provider of integrated legal and business services provided through its three offerings of Legal Advisory, Mindcrest and Connected Services. It has offices and associations located across the globe. The Company became the first Main Market Premium Listed legal business on the London Stock Exchange in March 2019. DWF recorded Revenue of £416m and Net Revenue of £350.2 million in the year ended 30 April 2022. For more information visit: dwfgroup.com
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DWF.L (DWF)