As the financial reporting season continues in London, three more large city practices — CMS Cameron McKenna, Simmons and Simmons, and Taylor Wessing — have reported healthy growth in revenues and profits for the 2006-07 financial year. However, the three midmarket firms failed to match the pace set by Magic Circle firms Clifford Chance and Freshfields Bruckhaus Deringer, whose exceptionally strong financial results included a 25 percent hike in profits per equity partner (PPP) at each firm.
Taylor Wessing has seen its firmwide revenue increase by 13 percent, rising from �142.4 million ($280 million) to �161.1 million ($317 million). Firmwide PPP also grew by an impressive 12 percent to stand at �435,000 ($857,000), up from �387,000 ($762,000) in the previous year. This growth in profits came despite a more than �1 million investment in a new practice management system and some early costs from the firm’s imminent move to new offices in London.
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