DAC Beachcroft’s profit per equity partner (PEP) has fallen for the first time in eight years, the firm has announced in its unaudited financial results for the FY year end 2022.
It fell by around 7% to £652,000, from what the firm described at the time as its best ever figure of around £700,000.
The firm’s profits before tax were also down on last year, with a decrease of 7% to £62 million. In 2021, the firm made a pre-tax profit of £67 million.
DAC Beachcroft’s total turnover nudged up by just 2% to reach £280 million, meanwhile.
David Pollitt, DAC Beachcroft’s managing partner, said that the firm had made a strategic decision to reinvest some of the profits made in the last financial year into the business. He highlighted an online “practice management system” introduced last summer, as well as the “substantial funding” the firm had put into cloud technology and cyber security.
In a statement, Pollitt added: “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.”
In April, the firm added veteran Hogan Lovells partner Joe Bannister to its London restructuring and insolvency focused practice.
In its results statement, DAC Beachcroft said it had made 11 lateral hires during the financial year, and also highlighted the 17 partner promotions made by the firm in May this year.
In June, the firm expanded its European presence through a cooperation agreement with German firm BLD Bach Langheid Dallmayr.