Taylor Wessing has released its financials for 2014/15 with UK revenues increasing by 8.2% to £121m from £112m last year and stated plans to make ‘significant further investments’ particularly in its international network.
The extra turnover contributed to a 17% increase in UK PEP, up to £767k from £657k. Internationally, the firm said that its revenues had increased by 6% using ‘constant exchange rates’ to £239.8m, though a weakening in the euro sees this figure lower than that reported last year when revenues were placed at £241.2m.
The growth was put down to ‘a strong performance across all major practice areas whether transactional, contentious or advisory for clients across the firm both in the UK and internationally’.
The Anglo-German firm also noted ‘impressive outcomes’ in the firm’s focus industry sectors of technology, media and communications, private wealth, life sciences and energy.
Investments made by the firm over the last year include opening representative offices in Palo Alto and New York City, and boosting its Asian offering with an exclusive association with Korean practice DR & AJU.
UK managing partner Tim Eyles (pictured) said: ‘Taylor Wessing had a strong year and we feel this is an outcome of our strategy of ensuring we provide our clients with the best possible service across the globe. We are an ambitious firm and over the next twelve months we plan to make significant further investment, particularly in our international network, as we aim to build on our success. Whilst recognising that there are considerable challenges in the markets which must be addressed, we want to explore opportunities that will help us better serve our fast-growing, international client base.’
Last year saw the firm post a 21% rise in its UK profit per equity partner to £657,000 alongside an increase in UK and global revenues of 7.4% and 6.4% respectively.