Taylor Wessing Global Growth Slows As UK Profits and PEP Sink
The firm increased its global revenue in 2019/20, but by less than the previous year - while its UK revenue barely shifted upwards, by 0.3%.
July 28, 2020 at 04:00 AM
2 minute read
Shane Gleghorn, Taylor Wessing U.K. managing partner
Taylor Wessing grew its international and U.K. revenues at a slower rate in 2019/20 than the previous year, the firm has announced, while its U.K. profits and PEP fell.
The firm recorded a 7.6% increase in global revenues to £365.6m. Last year, global revenues grew by 13%.
Its U.K. revenue remained static, increasing incrementally by 0.3% to hit £157.1 million, compared to 8% growth in the previous financial year.
The U.K. arm continued to fare disappointingly across other key metrics.
U.K. profits fell by nearly 8% to £57.6 million, while its PEP dipped by 6.5% to £612,640.
Shane Gleghorn, the firm's U.K. managing partner, said in a statement: "This year, we've invested significantly in our business. While the final quarter was made difficult by the crisis, we have seen the benefit of our investment in tech and people, even more so in recent months. Our tech investment has supported agile working for our people, and has deepened our client relationships.
"We are seeing strong growth in a number of areas, including life sciences, patents, corporate technology, IP, employment and private wealth."
Gleghorn also told Law.com International that while it's been a "challenging year for all organisations", the firm plans on "growing revenues for the year ahead" and is "assessing opportunities" to invest in the U.K., especially in its Liverpool and Cambridge bases, and abroad.
He added that the firm would be interested to invest in tech hubs such as Paris, Berlin, Amsterdam, China or South Korea, and carry on its work with ally U.S. firm Wilson Sonsini Goodrich & Rosati in Palo Alto.
The results come as the firm has reopened its London office for a trial pilot. Throughout April and May, the firm announced a series of measures to curb the financial impacts triggered by the coronavirus pandemic, including a reduced hours scheme, putting staff on furlough, cutting partner drawings and suspending partner profit distributions.
Read More:
Taylor Wessing Continues Cambridge Rebuild With Corporate Hire
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