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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Taylor Wessing has posted a 6.4 per cent rise in total turnover along with a 21 per cent increase in average profit per equity partner (PEP) for the 2013/14 financial year.
Total firm-wide turnover reached £241.2m last year while its UK-only PEP hit £657,000, compared to £228m and £544,000 the year before (29 May 2013). The firm’s UK turnover saw a 7.4 per cent increase to £112m.
A spokesperson said the figures were “slightly ahead” of what the firm had forecast for the year. However in December the firm had reported a 10 per cent rise in UK revenue for the first half of 2012/13 (3 December 2013).
Taylor Wessing has separate profit pools in different jurisdictions, so the 21 per cent increase in PEP, from £544,000 to £657,000, refers to the UK only.
Meanwhile global partner headcount grew 5 per cent during the year, from 365 to 384, of which 19 were lateral hires.
The firm’s managing partner Tim Eyles is currently considering the idea of his firm moving to an all-equity model, a concept only partly linked to changes in the so-called ‘disguised salary’ of LLP members heralded by HMRC’s tax changes (20 January 2014).
The proportion of partners in the firm’s equity is thought to have remained relatively stable last year, at around 103. According to Taylor Wessing’s LLP accounts, the highest paid equity partner took home £809,532 in 2012/13, down from £860,551 the year before (30 January 2014).
Eyles said in a statement that 2013/14’s revenue growth was aided by an uplift in work from the Middle East, Asia and the US, adding that litigation continued to be a significant driver.
Under his leadership the firm has grown significantly in Asia. In May it formed an association with South Korean firm DR & AJU (19 May 2014), the second formal ally of Taylor Wessing in Asia since it entered into an association with 10-partner Indonesian firm Hanafiah Ponggawa & Partners in October last year (8 October 2013).
Both DR & AJU and HPRP have become members of Taylor Wessing’s Asia regional network, which was launched last July (29 July 2013) as part of the UK firm’s strategy to grow its practice throughout the ASEAN region and beyond.
Eyles added: “The past 12 months have been an exciting time for Taylor Wessing, as we’ve continued to expand our international platform and strengthen our offering to the high growth industries of TMC, life sciences, energy and private wealth.
”Over the course of the coming year, we will continue to vigorously pursue our growth strategy for the economies and industries of tomorrow.”
Read more in The Lawyer’s recent leadership interview with Eyles (14 February 2014).