Growth has stalled at Taylor Wessing as UK income is up 4.4% to £126.6m. The results follow an increase of 8.2% in UK revenues the year before.
Taylor Wessing has reported an increase in global revenues 1.4% to £254.4m from an adjusted £251m for 2014/15.
The firm’s UK profit per equity partner (PEP) is now at £512,000, while the year prior the firm posted PEP of £767,000. However the firm recently changed to an all-equity partner structure and says on a like-for-like basis UK PEP stands at £770,000. For 2014/15 Taylor Wessing had reported a bumper PEP increase in the UK of 17%.
Taylor Wessing said it had achieved growth in the UK and internationally with a focus on its key sectors; technology media and communications, private wealth, life sciences and energy.
UK managing partner Tim Eyles (pictured) said: ‘Against a backdrop of challenging economic conditions, both in the UK and further afield, these well-balanced results consolidate our stellar performance in 2014/15 and maintains the momentum we have generated as a firm.’
He added the firm is continuing its international strategy, having recently opened two offices in Vietnam following a merger between local firm PBC Partners and Taylor Wessing’s Singapore practice RHTLaw Taylor Wessing. The launch in June this year brings the firm’s global reach to 32 offices in 19 jurisdictions.
The firm has also increased its presence in the Middle East, entering into an association with Saudi Arabia firm Alsulaim Alawaji & Partners.
The firm has shaken up its management structure over the last twelve months, with Rachel Reid joining as chief operating officer from King & Wood Mallesons and Michael Michaelides joining as international business development director from Allen & Overy.
Taylor Wessing also recently acted on one of the first major post-EU referendum transactions, advising News Corporation on its offer for talkSport owner Wireless Group for £220.3m.
Recent financial results have seen Addleshaw Goddard post a 5% revenue increase to £201.8m, while Clyde & Co posted double digit growth of 13% to £447.3m.
matthew.field@legalease.co.uk