Taylor Wessing has revealed its finalised global figures for 2006-07, posting an increase in total revenue of 13 per cent to £161.1m.
The firm’s global profitability was also up last year, with average profit per equity partner (PEP) breaking through £400,000 for the first time, hitting £435,000, and net profit up from £52m to £59m.
Managing partner Michael Frawley said all of the firm’s offices had performed well and that Brussels, which was relaunched in 2005, broke even for the first time.
The firm’s UK arm continued to be its most profitable. Equity partners took home £583,000 on average last year.
The top of equity across the entire firm, £892,000, was in the UK. The bottom of the equity, £176,000, was in Germany.
Taylor Wessing’s UK operations contributed £90.1m last year, a rise of 15 per cent.
Frawley added that although he was pleased with the results, he had concerns that the current legal market boom might not be sustainable.
“My concern is that we might see a repeat of 2001-02 and that the current situation could be fragile,” said Frawley. “We’re seeing a number of similar patterns, such as a booming real estate market, commercial groups flat out and salaries and rentals going through the roof. We’re gearing ourselves up just in case.”
In March, Taylor Wessing hired the founder of Osborne Clarke‘s insolvency practice Patrick Cook as the new head of its reconstruction and corporate recovery group in London.
To see where Taylor Wessing’s global turnover hike places the firm in The Lawyer’s rolling revenues table, click here.