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Taylor Wessing has reported a 7 per cent increase in global revenue for the 2012/13 financial year, with fee income rising from £212m to £228m.
The firm’s UK turnover saw a 3 per cent increase from £101m to £104.5m, while its partnership has grown 15 per cent to 365 partners.
Managing partner Tim Eyles said litigation had been a major contributor, while the firm has also added soures of revenue through offices launches in Europe and Singapore.
Eyles said in a statement: “We’re pleased to have achieved continued revenue growth despite this being a tough market. 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.”
During 2012/13 Taylor Wessing made 15 lateral partner hires and 16 partner promotions – including only one made up in London – and opened in Bratislava, Brno, Budapest, Kiev, Klagenfurt, Prague, Singapore, Vienna and Warsaw.
The new bases came through the firm’s addition of Singapore ally RHT to its offering last March (9 March 2012) and its merger with Austrian-headquartered ENWC last May (4 May 2012).
Revenues include fees coming from both add-ons, while last year’s figure covered Singapore but not the new Central and Eastern Europe operations.
Last November it announced a half-year global revenue rise of 23 per cent off the back of its central European and Singapore expansion (29 November 2012), while reported full-year figures a year ago showed a 7 per cent global revenue jump from £192.3m to £206m (31 May 2012). The £206m figure was later adjusted up to £212m.
The headline figures can involve rounding up or down, affecting the percentage increase posted by the firm.