Poland: DWF plants first post-IPO flag
DWF has made its first acquisition since becoming a listed law firm, buying Polish practice K&L Gates Jamka for an estimated net asset value of £3m.
The deal adds 11 partners, 45 lawyers and a further 31 support staff to DWF, as well as around £7m in annual revenue.
K&L Gates Jamka had a cooperative arrangement with the global law firm K&L Gates focusing on energy, infrastructure, financial institutions, media and technology, and defence work.
Andrew Leaitherland, managing partner and CEO at DWF, said: “This move will strengthen DWF’s capabilities in our global sectors of financial services and real estate, among others, and provides further opportunities in technology and energy where our businesses have strong alignment.
“It is the next step towards achieving our strategy of delivering complex, managed and connected services on a truly global scale.
“It also fulfils on one of the international expansion opportunities we highlighted in our prospectus. Poland has a strong and dynamic economy and is an important gateway to central, eastern and south-eastern Europe as a whole.
“Having a presence there delivers on our international strategy to be where our clients need us to be.”
K&L Gates Jamka managing partner Michal Pawlowski said: “Becoming part of DWF provides the opportunity to continue our growth and development plans within both the legal services and connected services markets of Poland.”
In a statement, K&L Gates said: “After a careful and thorough assessment of our clients’ needs against the backdrop of economic and related trends, current and future opportunities and factors in the market, and the great strength of the firm’s other offerings in Europe in particular and elsewhere, K&L Gates previously determined that it was in the best interest of the firm to separate from the practice based in Warsaw.
“The Warsaw-based lawyers are now in the process of joining with another firm and we are working with them on an amicable termination of our remaining relationship. We wish them the best in their new affiliation.”
The Warsaw office will be DWF’s seventh continental European office alongside Brussels, Paris, Milan and three in Germany.
On completion later this month, DWF will have more than 3,200 people in 28 locations across four continents.
The firm’s share price has barely moved since listing last month at 122p. It closed yesterday at 121.35p.
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