Taylor Wessing’s top earner figure surpasses £1m mark

Taylor Wessing’s highest paid member earned £1.1m in 2014/15, a rise of 15 per cent from £958,000 the previous year.

This came as Taylor Wessing’s revenue in the UK rose by 7 per cent from £109.9m to £117.8m and net profit jumped 13 per cent from £44m to £50.1m.

The firm recorded a £5.4m positive movement in funds in the last financial year, ending 2014/15 with £11.7m cash in the bank compared to £6.3m the previous year. The firm has no bank borrowings.

Taylor Wessing employed four fewer fee-earners over 2014/15 compared to 2013/14, with a total of 269 in the UK.

However, the number of support staff rose from 257 to 261, meaning total headcount stayed virtually stable at 550. Total salary costs rose slightly from £32.6m to £33.1m, with total staff costs rising from £41.1m to £41.3m.

In 2014/15, a subsidiary of Taylor Wessing, New Street Solutions, ceased trading and the decision was taken to liquidate the company. The firm also entered into a joint venture with Taylor Wessing Partnerschaftsgesellschaft to establish offices in the US for business development purposes.

Over the summer, Taylor Wessing re-elected Tim Eyles for a third consecutive term as managing partner until 2018.