Despite pandemic, the international firm's global revenue records notable growth for the fourth consecutive year
UK law firm Taylor Wessing has reported revenue growth for the fourth consecutive year. The firm's revenue has in 2020-2021 recorded 12 per cent growth, enabling it to join the list of a handful of law firms to record a double-digit growth amidst pandemic and the resultant global lockdown.
The firm's revenue jumped to £175.5 million for its UK business while profit per equity partner (PEP) spiked by 18 per cent be approximately £685,000.
UK profits experienced a 23 per cent spike to £71 million, which is impressive considering its profits had dropped by 8 per cent to £58 million last financial year. Global revenue increased for the fourth year in a row, inching up to £371 million.
Taylor Wessing has joined other UK firms like Allen & Overy, Fieldfisher, Pinsent Masons, Herbert Smith Freehills and Simmons & Simmons to record double-digit PEP growth.
"We saw the onset of our investment strategy in people and technology contributing to these strong results," UK managing partner, Shane Gleghorn, said.
According to Gleghorn, despite the firm's slow start to the financial year due to the contraction caused by the onset of the pandemic, it was able to rebound thanks to a significant uptick in activity in the second quarter, which notably is the firm's highest-ever revenue and profit for the UK business.
The firm has announced its plans to continue building its international platform following the significant investment it has channeled into its non-UK network, including an office in Ireland to adjust to the post-Brexit trading activities. It has also opened its office in China for the specialist intellectual property and trademark business, Beijing Tailun IP Agency.