UK law firm Taylor Wessing has been another major firm to report record revenues.
The firm grew by 13 per cent in the year until 30 April 2022 with a 27 per cent increase in profits per equity partner (PEP). Revenues were £420.6 million, once again showing the strength of the legal market in the UK.
The firm’s profit-sharing scheme has seen a 5 per cent sharing of profits based on salary levels, which was introduced by Taylor Wessing last year. These come alongside performance bonuses of up to 30 per cent.
The firm’s fee income increased by 25 per cent to £219 million and profits rose 32 per cent to £93 million, following a drop in 2020 which the firm said related to technology and lateral hires it had made.
“Our initial investments played through in the final year of our three-year strategy, which is pleasing,” Taylor Wessing managing partner Shane Gleghorn said regarding the increased revenues and profits. “Our core sector strengths of technology and life sciences and healthcare underpinned the results, and we saw significant growth in the real estate and private wealth sectors.”
Much of the growth has come from tech deals the firm has undertaken, including in the life sciences and healthcare areas, along with intellectual property work that has been a strong contributor to growth.
TaylorWessing has pursued an aggressive growth strategy, with 29 global offices and 1100 lawyers spread across 17 jurisdictions.
It has pursued hires from other firms in other jurisdictions, including the UK and Ireland and its financial performance places it between Pinsent Masons, which grew revenues by 6 per cent to £531 million and Osborne Clarke, which showed a 19 per cent increase in revenues to €407 million.