Taylor Wessing has broken through the £200m barrier for international turnover, according to its latest financial figures.
The firm has recorded a second successive year of increases, with UK turnover up 10 per cent to £101m, from £92.1m in 2010-11.
This is slightly lower than originally projected. As The Lawyer reported earlier this month (21 May 2012), preliminary financial results showed a rise in UK fee income of 12 per cent to £103m.
Globally, the turnover rise is seven per cent, from £192.3m to £206m.
Taylor Wessing has separate profit pools in different jurisdictions, but revealed that average profit per equity partner (PEP) in the UK is up 12 per cent to £601,000. Last year UK PEP was £537,000 which was an 18.5 per cent increase on the 2009-10 figure. UK profit increased by 17 per cent to £31m, from £26.2m in 2010-11
The firm is still in the process of collating its international profit, but managing partner Tim Eyles said the rises across the board are a result of “pursuing a strategy of balanced practice areas”.
He said: “For the UK PEP to be up to £601,000 in these markets is a very pleasing result. It has come from a quite seductive mix of practices, with the highlights being significant growth in general litigation across the firm.
“In terms of UK turnover, more than 30 per cent of income comes from litigation. That has definitely seen a significant boost as the product of the economic time people are facing.”
Eyles said Taylor Wessing’s IP practice enjoyed strong performance over the financial year, with companies turning to patent and trademark litigation to protect their bands.
“That is the lifeblood of companies and they’re prepared to litigate to defend it,” Eyles said.
The firm is built on a bedrock of corporate, finance and real estate, but has built on its corporate disputes practice with a number of lateral hires in the past 18 months.
Eyles also pointed to “mini-conglomerates” in the firm’s private wealth practice as a boom area that has helped increase turnover for 2011-12.
He said: “We’re one of very few firms who represent significant private wealth – ultra-high-net-worth families from Europe, the Middle East and Asia typically. They’re generally unleveraged and able to make investments and undertake transactions that aren’t available to companies, which can’t borrow or find leverage from banks difficult or impossible to get.
“Private wealth clients are free form that and are taking advantage in the markets. They’re like mini-conglomerates in their own right.”
Eyles added: “We’ll be alive to opportunities to strengthen next year with teams and partners from other firms. Across the board we’re pretty happy.”
The news comes after Eyles was re-elected for a second term as UK managing partner (21 May 2012). He has set his sights on a “deeper penetration” of Asia, the Middle East and Europe and is keeping a close eye on the Hong Kong market over the next year.