Taylor Wessing has posted a modest 1.8% increase in its UK revenue to £128.9m in 2016/2017, in contrast to a 4.4% rise the previous year. It was brighter news, however, for the firm’s global revenues which rose 6% to £269.8m, up from £254.5m in 2015.
Taylor Wessing accounted for the continued growth by highlighting its focus on the firm’s key technology media and communications practices, as well as its private wealth and life sciences teams.
The firm also counted its continued investment in technology as a basis for the rise, resulting from a number of products it launched in 2016. These included TW:EXCEL, driving IT and artificial intelligence products, and TW:Cyber Response, which helps companies effectively prepare for and respond to data breaches.
UK managing partner Tim Eyles (pictured) said that although this year’s UK result was slower than the previous year, and ‘not a headline grabber’, it remained strong: ‘Our priority remains preparing for the challenges and opportunities of the next decade.’
‘Investment in our people is central to our strategy and ongoing success. Ultimately, it’s a connection with great people that our clients care about,’ Eyles emphasised.
The results related to an international expansion spree last year, when Taylor Wessing opened four new offices spanning Riyadh and Jeddah, Hong Kong and Vietnam. The first three were formed through local firm associations.
Last May, the firm announced its local association with Alsulaim Alawaji & Partners Law in Saudi Arabia, and in July it launched in Hong Kong with an official association between a newly-established branch of Taylor Wessing and local firm HM Chan & Co.
In 2016, the firm advised Outfit7, the entertainment company behind the global phenomenon ‘Talking Tom and Friends’, on its $1bn sale of United Luck to a consortium of investors from Asia.
The firm also advised News Corporation on its recommended cash offer for talkSPORT for £220m last June.