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Taylor Wessing has reported double-digit growth in its half-year revenues, joining a small rank of firms that have increased their revenues in the first half of the 2012/13 financial year
Taylor Wessing saw a 23.3 per cent increase in its international revenue between May and October 2012 and attributes the revenue increase to the firm’s recent international expansion in Asia and Central and Eastern Europe (CEE).
In March it was revealed that the firm’s Singaporean strategic alliance firm RHT, with whom Taylor Wessing had been in an exclusive strategic alliance since August 2011, would join the firm’s international network (9 March 2012).
Then in May the firm announced it was expanding into CEE via a merger with Austrian-headquartered ENWC, adding eight offices across Austria, the Czech Republic, Hungary, Poland, Slovakia and Ukraine to the firm’s international portfolio (4 May 2012).
Of the existing offices, Germany experienced the most significant growth, while growth in the UK was 6 per cent up on the same period in 2011/12, according to the firm.
The increase in turnover follows the news earlier this year that the firm had broken through the £200m barrier for international turnover after it posted a 10 per cent increase in UK turnover to £101m, up from £92.1m in 2010/11 (31 May 2011).
Commenting on the half-year figures, the firm’s UK managing partner Tim Eyles said: “We all know it’s a tough market and there’s a general sense of caution about the next six months. Against that backdrop, it’s good to have such a solid international platform from which to face the inevitable challenges.
“The current fiercely competitive market requires firms to have a crystal-clear strategy and to be bold in its execution. On this front, 2012 has been a significant year for Taylor Wessing. We’ve undergone a major expansion of our international footprint, with nine new offices in Singapore and the CEE region.”
Eyles added that the firm would continue to consolidate relationships with its global clientele and that thinking strategically and internationally would be a key focus for the firm in 2013.
“The emphasis for 2013 will be on consolidation and ensuring we capitalise on all the opportunities being generated in and from the strongly performing economies such as Asia,” he said.