Taylor Wessing posted a 16 per cent growth in its top line to £77.7m for the first half of this year.

Managing partner Michael Frawley said that growth was propelled by the firm’s finance practice, which swelled by 55 per cent, followed by its IP practice, which grew 22 per cent.

“Traditionally, we have had stronger second half results as compared to our first half,” explained Frawley. “But due to the subprime crisis, we are not 100 per cent sure if this will be the case this year.”

Frawley said the firm’s management was generally happy with the results, but remained wary over future results.

“I expect the IP practice to continue to grow, but am not sure about the finance unit in the current market,” he said.

He added that the firm has strong counter cyclical practices in its insolvency and litigation departments, which could counter any downturn.