Taylor Wessing is retaining a profit share scheme introduced in 2021, to benefit lawyers as well as business professionals, after the firm posted a 25% increase in its U.K. revenue, and a 27% increase in profit per equity partner (PEP) in its latest financial results.
First introduced in 2021, the firm is for a second year handing all its people across the firm, excluding partners, a 5% profit share (based on salaries) in addition to an annual performance bonus payments of up to 30%, according to a person with knowledge of the matter.
It comes after the firm’s U.K. revenue jumped by a quarter to £219.3 million, up from £175.5 million recorded last year, while profits are up by an even healthier 32% to £93 million.
Though the firm has not provided a specific figure on PEP, Law.com International data indicates the sum would be around £877,000.
In comparison to the U.K., the firm’s international revenues increased by a more modest 13% to £420.6 million, up from the £371.3 recorded the previous year. Nevertheless, it is the fourth consecutive year in which the firm has posted record international revenue.
Speaking to Law.com International, the firm’s U.K. managing partner Shane Gleghorn said that he was pleased with the “strong performance across the board”, highlighting a particularly successful final quarter.
He said the firm would continue to focus on attaining and attracting the right people, adding that this was a challenge for all law firms.
“Every law firm that I encounter is having sleepless nights on how they do it – everyone is trying their best to create that environment, but there’s no cookie cutter answer.”
Earlier this year, the firm confirmed an increase in salaries for newly qualified lawyers from £81,000 to £95,000 in London, ahead of its annual salary review.
Gleghorn also added that the firm was well positioned to weather what he called the “recessionary environment” in the U.K. that is likely in the next financial year.
He highlighted a number of recent hires made by the firm, including the arrival earlier this year of McDermott Will & Emery tax partner James Ross, and added that the firm had already been building out its restructuring and litigation teams.
A number of firms have announced revenue increases in recent weeks, including Pinsent Masons and Osborne Clarke.