TWM saw turnover remain almost flat last year at £11.2m, with a boost in private client work providing a sizeable chunk of the revenue.
Corporate remained buoyant, despite a fall in major transactions. The firm anticipates that corporate transactions will continue bubbling and has therefore embarked on a lateral hiring campaign to bulk up its client base.
However, increased costs, attributed largely to the acquisition of a new office in Guildford this year, caused TWM’s profit to fall, with average profit per equity partner dropping by around 10 per cent to £125,000.
Headcount stayed fairly steady despite the office expansion in Guildford. TWM has also maintained its leadership structure with a committee that oversees the general management of the firm, including policy, strategy and remuneration. The eight-member committee includes non-voting finance director Andrew Hayes, who became an equity partner on 1 August this year.