Taylor Wessing UK breaks £600k PEP after 5% rise
Taylor Wessing has announced a 5% improvement in profits per equity partner (PEP) at its UK arm to break the £600,000 mark, after the firm last month (29 May) unveiled a double-digit rise in fee income. Profits at the Anglo-German firm rose from last year's figure of £583,400 to a new high of £614,000 for 2007-08, a rise of just over 5%.
June 18, 2008 at 08:19 AM
2 minute read
Taylor Wessing has announced a 5% improvement in profits per equity partner (PEP) at its UK arm to break the £600,000 mark, after the firm last month (29 May) unveiled a double-digit rise in fee income.
Profits at the Anglo-German firm rose from last year's figure of £583,400 to a new high of £614,000 for 2007-08, a rise of just over 5%.
The news comes after the firm last month posted a rise in UK turnover to £98.3m, an 11% increase on the £90.7m the firm billed in 2006-07. The firm's corporate practice brought in just under a third of UK revenues, while finance and real estate contributed 15% and 11% of fee income respectively.
Globally, the combined firm billed £185.4m – up from last year's £158m. Average profits across the firm's UK and German partnerships stood at £460,000, meanwhile.
The firm pointed to a strong performance at the firm's Dubai office as a factor in the increased revenues.
Taylor Wessing reported strong growth for the first two quarters of the most recent financial year, before a slowdown in the third quarter and a subsequent pick-up in the fourth.
The results come after mid-market City rival Nabarro last week (13 June) posted a 6% increase in PEP to £600,000, while turnover rose by 14% to £140m.
Have your say on all the City end-of-year numbers with the Legal Week Wiki results special.
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