Taylor Wessing has become the latest firm to announce solid results for 2023-24, revealing a 9.5% increase in global revenue to £480.7m.
The firm has grown more rapidly this year than the previous, when revenues rose 4%. UK revenue increased by 8.6% to £246.6m, up from of £227.1m.
UK profit also saw a 12.2% rise to £91.7m, up from last year’s £87.1m. While the firm did not disclose certain figures, PEP is estimated to be around £915,000, a 13.2% increase from £809,000.
Managing partner Shane Gleghorn (pictured) told Legal Business: ‘We’re very pleased with the growth at an international level across the firm. We saw good growth across Europe, particularly in Germany and France, and in Ireland the Middle East as well.’
Last year marked the launch of Taylor Wessing’s latest three-year strategy, following the introduction of its previous strategy in 2020.
One year in, Gleghorn commented: ‘We’ve had a really good start to that three-year strategy. The budgeted growth we saw anticipated and expected, so we’re pleased with that.
‘Ambition of our business remains very high, and that was very clear from the outset of our partner conference we had a month ago, where all of the partners were very much committed to the objectives we’ve set ourselves with that plan.’
Gleghorn pointed to growth in the firm’s IP offering, after telling LB last year that the plan is to create a holistic IP offering across Europe.
‘You can see that growth that we anticipated in relation to IP has manifested itself,’ explained Gleghorn, highlighting that the firm has won leading mandates representing medical device and health care company Abbott and pharma giant Pfizer in IP litigation around the globe.
Discussing which practice areas had made the greater contribution to growth, Gleghorn summarised: ‘Our corporate and fundraising teams had robust years in what have been flatter markets. We’ve seen excellent growth in our disputes practice, and brands and advertising have also been very strong for us. Patents and innovation are another area, with clients like Abbott and Pfizer, which has been keen to our growth.’
Since the beginning of 2023, the firm has hired 26 lateral partners across the globe including most recently welcoming partner ex-RPC partner Parham Kouchikali to its international disputes and investigations practice in London. ‘Investment into lateral growth has been a long running plan and has really played through for us,’ said Gleghorn.
Looking ahead, the firm is aiming to hit the ambitious benchmark of €1bn (£840m) in revenue by 2028-29, which would mark a 78% increase from its current revenue of €562m.
Gleghorn said: ‘We have a good track record in achieving our objectives in relation to revenue growth in a sustained and managed way, so we have confidence in that aspect of how we grow. The UK practice has grown by 57% in the five years, so we know how to achieve sustained growth organically.’
‘We also know that growth in the business will come from inorganic changes through laterals and bolt-on acquisitions, and growth of our verein model to achieve that objective.’
Gleghorn ruled out any potential mergers in the near future, explaining that the firm will concentrate on expanding its verein through geographic growth.
‘We have ambitions to grow in relation to Iberia, Italy and Benelux, and are looking carefully at other jurisdictions,’ he added.
When asked about the firm’s strategy in the US, where it has bases in New York and San Francisco, Gleghorn responded: ‘We continue to focus on acting for a significant amount of inbound US capital. We bring our direct approach to US clients, and our strategy is to increase year on year the amount of work we do for US companies coming into Europe.’
