Six-month PEP up 30 per cent at Taylor Wessing

Taylor Wessing is anticipating at least a 30 per cent rise in average profit per equity partner (PEP) at its half-year stage.

The firm’s UK managing partner Michael Frawley said although the figures were yet to be finalised, half-year profits were up 23 per cent and average profit per equity partner (PEP) could rise by as much as 35 per cent at year end.

“We are starting to see the effect of the equity restructuring earlier this year,” said Frawley, “but this is also simply down to fee income being up and costs being under control.”

The figures relate to the UK end of the business only as the firm’s German arm accounts on a calendar year basis. However, three-quarters of the way through its year in September the firm reported a similar 38 per cent rise in profits and an increase of 21 per cent in revenues.

Frawley said that total fees in the UK were up by £3.5m, or 12 per cent, on this time last year at the UK end of the business.