WFW LLP accounts reveal pick up in US and Asia revenue

Watson Farley & Williams’ (WFW) revenue derived from English law work in Hong Kong more than doubled over 2014/15 from £473,000 to over £1m, according to the firm’s LLP accounts.

The results contributed to a 5.4 per cent increase in revenue from the region, with Asia turnover rising £21.5m to £22.7m between 2014/15 and 2013/14.

The US was the firm’s best-performing region with a 23.8 per cent rise in revenue last year, from £8.9m to £10.97m.

UK turnover rose 12 per cent from £47.2m to £53.3m, while European turnover rose 2.7 per cent from £37.2m to £38.2m.

The firm has announced multiple openings in Asia over the last few years, including a Singapore joint venture in 2011 and Hong Kong office in 2012. Last year, the firm also set foot in Vietnam via an association with local firm LVN Associates, while confirming it is looking at China for its next move.

Overall, WFW’s global turnover went up 10.1 per cent in 2014/15 to £125.3m.

Net profit for the global LLP increased by 12.8 per cent from £30.5m to £34.4m.

The firm ended the year with £1.4m net funds, up from £435,000 net debt at the end of 2013/14.

The highest-paid partner also received slightly less in 2014/15, with their share of profits sitting at £1.38m compared to £1.41m the year before.

Total staff costs went up by nearly £5m to £56.9m, while the firm’s headcount rising from 651 to 721. With salary costs of £51.2m, the average salary at WFW was £70,950 in 2014/15.