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Financials update: Taylor Wessing increases global revenues by 7%; UK up 4%

Taylor Wessing has posted modest turnover growth after an expansive 2012, announcing its global revenue for the financial year 2012/13 has increased by 7% from £212m in 2011/12 to £228m, while UK revenue grew by 4% to £104.5m.

Tim Eyles, who was re-elected as UK managing partner of the firm in May last year, said he was ‘pleased to have achieved continued revenue growth’ despite tough market conditions.

He added: ‘The past year has been one both of significant advancement and of investment. We have established a large geographic offering and are well placed to service the high-growth industries and economies through our focus on the TMT, private wealth and life sciences industries, with litigation being a significant driver across the board.’

The firm declined to provide profit figures but last year saw profit per equity partner increase 5% to £407,000.

The top-line revenue growth comes on the back of another expansive year for the Anglo-German hybrid. The partnership grew of 15% to 365 in the last financial year, with the the firm making 15 lateral hires and 16 promotions globally. The firm added a number of offices throughout Europe and Asia, including Bratislava, Brno, Budapest, Kiev, Klagenfurt, Prague, Singapore, Vienna and Warsaw. Much of this expansion came on the back of its merger with Austria-based enwc in May last year.

The firm has also won several significant panel spots, including Lloyds Banking Group and Credit Suisse, while it has snared prolific work across various sectors, including a £1.6bn negligence claim involving global audit firm PwC which was taken to London’s High Court by failed sub-prime lender Cattles.

Partners Howard Palmer and Alan Evans also recently advised iCity and Infinity in a landmark agreement that secured the long-term future of the former press and broadcast centres in the Olympic Park, in a deal worth around £1bn.