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Taylor Wessing storms ahead of PEP predictions" />The UK end of Taylor Wessing has posted a 28 per cent rise in average profit per equity partner (PEP), becoming the latest mid-market firm to break the £500,000 barrier for partner remuneration.
PEP in the UK last year rose from £404,000 to £510,000. Fee income also increased by double percentage points, up by 15 per cent to £79m.
UK managing partner Michael Frawley said the results in 2005-06 were due partly to a strong performance by the corporate group and also employment, the firm's biggest single area of growth. Headline deals for the corporate group included advising private equity partnership Rutland Partners on the £125m sale of Carron Energy and pub group Avebury Holdings on its £219m sale to Punch Taverns.
Finance, projects and private client also had a good year, Frawley added, with turnover up by around 20 per cent in each. Finance in particular was successful in its targeting of banks, with its reappointment to the Lloyds TSB panel being one of the highlights of the year. "I said when I became managing partner that I was expecting our PEP to be over £500,000 in two and half years," said Frawley. "We've managed to do it in 18 months."
Overall, the most significant area of growth was in internally generated work, Frawley said. Cross-referrals between the UK, Paris and German offices rose by 45 per cent in the last financial year.