‘Breadth’, ‘depth’, ‘internationality’, even the wonderful ‘countercyclicality’. Every firm wants them, but who has them all?
Enter Taylor Wessing, that frequent provider of comforting financial results. Yet again it has pulled off its standard solid revenue increase, this time 7 per cent to £228m for its global network.
For those of you wondering – and you really shouldn’t be if you’re trying to run a City law firm – countercyclicality is the clunky term for the characteristic of being countercyclical, or working against the mainstream economic trends.
Litigation, you’d think, is a countercyclical practice area that booms when M&A dips. So is an Asian private client discipline right now, or for that matter an Asian outbound M&A practice.
And guess what? Taylor Wessing has practically the lot – although it enjoys the first two in bigger portions. It has taken some tasty mid-market global M&A mandates, a few high-profile litigation instructions such as PwC’s wrangle with the accountancy giant’s former client Cattles, and took a big step towards capitalising more on investment out of Asia by adding its Singapore buddy to its network last year. And that’s not to mention its merger with Central and Eastern European firm ENWC to add more strings to its bow.
It’s not quite the 23 per cent half-year turnover increase it unveiled last autumn, but Taylor Wessing is showing there are ways of obtaining more than solid growth.
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