Taylor Wessing's UK PEP tops £600k

Taylor Wessing's UK financial results have been finalised and show an increase in average profits per partner (PEP) of around 5 per cent to £614,000.

The UK's turnover increased by 11 per cent to £98.3m and total profits increased to £33.3m.

Managing partner Michael Frawley said: "Our year was the story of two parts: the first six months we had real estate and finance in particular which were absolutely flying.
Then in the third quarter it went flat in real estate and finance but they bounced back in the fourth quarter."

Revenues dropped considerably in the second-half of the year with finance's turnover figures in the first half having increased by around 37 per cent, but dropping in the second half-year's results to an increase of only 16 per cent on the same period in the year before.

But Frawley said that he was pleased that PEP had broken through the £600,000 benchmark for the first time.

He said that apart from the finance and corporate practices, the IP, technology and private wealth teams produced solid performances, next to corporate real estate, construction and projects.

The private equity team added 17 per cent to its turnover figure this year.

The UK real estate practice, however, saw a decrease in UK work and revenues, though this was buffered by the firm's European practices and work.

The German office's fees increased "quite dramatically" and Dubai has had a "stonking year", said Frawley but the global profit figures are yet to be calculated.