In another early sign of a good 2017/18 for UK firms, Taylor Wessing has followed up on a disappointing performance last year with a solid 12% revenue growth to £144.6m for its UK business.
In what UK managing partner Tim Eyles (pictured) described as the firm’s ‘best year yet’, UK profits per equity partner (PEP) rebounded to grow 20% and hit £579,000 after last year’s 6% drop to £481,000.
‘We achieved superb growth across our key sectors, especially in technology media and communications, life sciences, and private wealth,’ said Eyles of the last results he will oversee as managing partner. He is to step down after nine years at the helm in October and will be replaced by litigation co-head Shane Gleghorn.
In further evidence that the recent regulatory changes were a good source of business for tech-focused firms in the UK, Eyles also pointed to Taylor Wessing’s work on GDPR as an area of ‘particular success.’
The verein firm’s global revenue grew 12% to £301.5m, again, a stronger performance than last year’s 6% rise to £269.8m.
It was a year marked by changes for the firm. As well as electing Gleghorn last month, the firm appointed a new senior partner in December, with Dominic FitzPatrick replacing Adam Marks after six years.
Gleghorn and FitzPatrick receive a confident handover from Eyles, who took charge in 2009 in the midst of a recession and in the wake of a 7% fall in revenue for the 2008/09 financial year. Eyles is credited with hugely expanding the firm’s international network and giving it a clearer brand, building its non-IP disputes business and its private client offering.