International law firm Taylor Wessing has announced its 2019/2020 financial results, achieving continued success with a 7.6% increase in global revenue to £365.6m. Up from £339.7m previously, this is the third year running the firm has recorded its highest international revenue.
UK performance also saw an increase in revenue, totalling £157.1m. This is also up from its previous record year of £156.6m in 2018/2019.
2019/20 was a year of significant investment for the firm in respect of technology, people and its Liverpool office. As planned, the firm invested in its technology and connectivity, new offices and strategic relationships, and in a significant number of high-profile laterals. UK profit is the second highest on record at £57.6m – lower than the previous year, by 7.8%. UK PEP is also the second highest on record – lower than in the last financial year by 6.5%.
UK Managing Partner, Shane Gleghorn, commented: “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’ve seen more record-breaking transactions and innovation this year from international clients who are leaders in their field, and from emerging new clients, and we’re committed to driving their success. This is especially true in our key sectors of technology, life sciences and private wealth.
“We are seeing strong growth in a number of areas, including life sciences, patents, corporate technology, IP, employment and private wealth.
“I’m pleased that our results demonstrate our continued success and the strength of our business. We have invested in fantastic people and technology across our international network and continue to build on the leading reputation of our core sector groups.”