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H1 2014/15: ‘We don’t want to grow simply to be bigger’ – Taylor Wessing reveals 7.3% UK revenue increase

Taylor Wessing has today (4 December) announced its half-year financial results, posting a 7.3% rise in revenue for H1 2014/15 in the UK alongside a 5.5% increase internationally.

Managing partner Tim Eyles says the firm enjoyed success across multiple practice areas including corporate, real estate, finance, disputes, IP, and private wealth. Speaking to Legal Business, he said: ‘All the pistons seem to be firing well – I was very pleased about the half year. Clearly we’re more cautious about the second half because of the general election. But we have benefitted from our international expansion, better integration, and FDI from the Middle East and Asia. Current signs are that activity in general will remain strong’

As for further expansion, Eyles added: ‘It’s as much about intensifying our current relationships as it is about developing more. We see jurisdictions outside Europe as being very active. We’re always aligned to improve bench strength but we feel we are the right size. We don’t want to grow simply to be bigger.’

It marks another healthy half year performance for the 960-lawyer firm, having last year unveiled a double digit increase in UK revenue of 10% while internationally its revenues rose by 9%. Meanwhile, in June, the firm disclosed financial results for the 2013/14 year, recording a 21% rise in profit per equity partner to £657,000 alongside an increase in UK and global revenues of 7.4% and 6.4% respectively with international income standing at £241.2m. The results also follow a period of international expansion including tie-ups in Indonesia and South Korea, where in May it formed an association with local firm DR & AJU.

A host of firms have announced their half year performance, including Stephenson Harwood yesterday posting a 12% increase in turnover to £64m from £57m in 2013, with chief executive Sharon White citing the firm’s new Dubai office for rising revenues.