International law firm Taylor Wessing announced global revenues increase 

International law firm Taylor Wessing has today announced a 4.4% increase in UK revenues to £126.6m. Global revenues have also increased to £254.5m at constant exchange rates.

In addition, the firm has reported an increase in UK PEP, up from £767k to £770k (on comparable terms, having converted to all equity on 1st May 2015).

Strong financial performances were seen across all of the firm’s major practice areas whether transactional, contentious or advisory both in the UK and internationally, and growth was achieved in the firm’s focus industry sectors of Technology Media and Communications; Private Wealth; Life Sciences; and Energy.

Tim Eyles, UK Managing Partner said:

“Against a backdrop of challenging economic conditions, both in the UK and further afield, these well balanced results consolidate our stellar performance in 2014/15 and maintains the momentum we have generated as a firm.

Our outlook for the coming year is cautiously optimistic. We have an extremely diverse client base, benefit from extensive international coverage and we are strong financially. We believe this gives us a solid platform from which to confront the challenges and opportunities that the current economic climate generates.

Over the next twelve months we will continue to grow internationally. Already, in the new financial year, we have announced two new relationships in Saudi Arabia and Vietnam, with both developments reflecting our belief in the benefits of globalisation.

Taylor Wessing’s continued success can be attributed to the superb quality of the firm’s practice and the commitment of our talented team across the international network. I would like to again thank everyone for their dedication and teamwork which has led to this strong outcome.”

Key Taylor Wessing developments in the last twelve months include:

• Announced three new senior management appointments. Liz Bunce Grundy joined the firm as International HR Director in January from Cushman & Wakefield, Rachel Reid joined as Chief Operating Officer from King & Wood Mallesons, and Michael Michaelides joined as International Business Development Director from Allen & Overy.
• Launched a new three year strategy for Taylor Wessing UK.
• Broadened our European presence through a merger with leading Dutch law firm Deterink, gaining offices in Amsterdam and Eindhoven.
• Launched our international Corporate Crime and Fraud Unit, a service dedicated to assisting clients prevent, detect and respond to corporate wrongdoing.

Example clients, deals and cases

• In what has been described as the first major transaction post Brexit, the firm advised News Corporation and News Corp UK & Ireland on a recommended cash offer for talkSport owner Wireless Group plc for £220.3 million.
• We acted on one of the highest profile UK technology deals in 2015 – the sale of Unruly Media to media giant News Corp, worth £114 million.
• We acted for Ericsson in an action against Apple concerning the infringement of 10 of Ericsson’s patents, filed in May 2015. This UK action was part of a major global and high-profile dispute between these two technology giants.
• We acted for PwC in the defence of substantial claims arising out of the collapse of the sub-prime lender, Cattles plc and its trading subsidiary, Welcome Financial Services Ltd. The case was one of the biggest before the Commercial Court last year. It was set for a 12 week trial, shortly before which the litigation settled on confidential terms.
• Advised Europe’s largest hair and beauty marketplace Wahanda on a series of multi-million Euro acquisitions and equity arrangements, such as the €34 million acquisition of its Dutch equivalent, Treatwell.
• Advised K+K Hotel Group on the sale of 10 hotels to a joint venture of Goldman Sachs and Highgate Hotels. The sale included 10 four-star and four-star superior hotels in Austria, Czech Republic, France, Germany, Hungary, Romania, Spain and UK.
• We played a pivotal role in the Pyrrho Investments Ltd v MWB Property Ltd case securing judicial approval for the use of predictive coding in electronic disclosure in English High Court proceedings.
• Advised onefinestay, the global high-end hospitality business, on its ground-breaking sale to Accor Hotels. The deal saw Accor acquire onefinestay for a value significantly in excess of £100 million, with an agreement to invest a further £50 million in the business to support the company’s ambitious plans to scale to 40 new markets over the next five years. The company currently operates in London, New York, Paris, Los Angeles and is about to launch in Rome.
• Advised the Jordanian Al Qadi family on their acquisition of Bristol Rovers Football Club.
• Advised a private Israeli investor on the £220m sale of 71 Queen Victoria Street, a 200,000 sq ft office building, to Pacific Eagle, a Singaporean ultra-high net worth family office.
• Advised McLaren on the £150m sale of six student housing development sites to Hines, a US-based privately owned global real estate investment firm.
• Advised Farfetch, the online community of the world’s best fashion boutiques and global brands, on the company’s latest successful Series F funding round which raised $110m. We also advised Farfetch on its acquisition of Browns, the iconic London boutique.
• Following on from the successful move to the new stadium in 2013, we advised European Champions Saracens Rugby Club on further plans for the award-winning Allianz Park Stadium and community facilities in the Green Belt, Barnet, North London.
• Advised Secure Income REIT plc, the company exclusively managed by Prestbury Investments, on the sale of the Madame Tussauds building in London to Taiwanese investor Fubon Life. The asset was sold for a consideration of £332.5m and was the first time that this iconic property investment had been offered for sale individually in the open market.

Source: Taylor Wessing

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