Taylor Wessing PEP drops by a third as turnover inches ahead

Taylor Wessing has announced a fall in average profit per equity partner (PEP) of 29 per cent for the 2008-09 financial year.

Taylor Wessing has announced a fall in average profit per equity partner (PEP) of 29 per cent for the 2008-09 financial year.

The firm blamed challenging market conditions for the decrease, which saw PEP drop to £436,000 from £614,000.

Turnover rose slightly from £185.2m in 2007-08 to £188.4m this year.

Managing partner Tim Eyles said that the UK practice in particular had been impacted by the recession, with turnover falling 5.7 per cent, but Germany and Dubai had performed strongly.

He added: “Given the challenging market conditions, we are happy to have increased turnover across the firm.”

The figures are subject to accounting adjustments.

Last year, Taylor Wessing reported an increase in PEP of five per cent and a turnover rise of 11 per cent. (See story 18 June )

In April, the firm unveiled a package of measures in response to the economic slump, including up to 20 redundancies, sabbaticals and offering all employees an extra two weeks holiday in return for a 3.85 per cent reduction in salary. (See story 27 April)