Former EY Chairman Named as Chairman of First Law Firm to List on London’s Stock Market
Steve Varley, former chairman and managing partner of EY in the UK and Ireland, will be announced as the new chairman of DWF this week, according to insiders. DWF, a law firm now majority-owned by private equity firm Inflexion, will become the first law firm to list on London’s stock market.
Mr. Varley, who stepped down from his role at EY in 2020, will bring his extensive experience and expertise to DWF as it continues to expand and evolve into a broader professional services firm. During his nine years as chairman of EY, Mr. Varley successfully doubled the firm’s size and closed the gap with rival firms Deloitte, KPMG, and PricewaterhouseCoopers.
His appointment as chairman of DWF is seen as a significant move that highlights the firm’s ambitious plans for growth. Since Sir Nigel Knowles, a prominent City lawyer, was appointed as DWF’s chief executive in 2020, the firm has seen a significant increase in earnings before interest, tax, depreciation, and amortization, from £16m to £55m.
DWF, which employs more than 4,500 people globally and operates in 14 countries, has also seen growth through acquisitions. In 2022, the firm acquired Whitelaw Twining in Canada, and just last week, announced the purchase of Proclaim, an Australian claims management business.
According to private equity sources, Inflexion’s strategy for growing DWF will follow its playbook for other portfolio companies by focusing on acquisitions and international expansion. Inflexion and DWF declined to comment on Mr. Varley’s appointment and the firm’s growth plans.
Mr. Varley’s impressive background also includes working at Accenture and serving on advisory councils appointed by two prime ministers. His extensive experience and leadership skills make him a valuable addition to DWF as it continues to establish itself as a top professional services firm in the market.
This announcement comes at a time of significant growth and opportunity for DWF, and Mr. Varley’s appointment as chairman is expected to further solidify the firm’s position as a leader in the industry.
