Taylor Wessing's UK PEP hit with 30% fall for 2008-09

Taylor Wessing has announced its financial results for 2008-09, with the firm’s UK operations seeing profits per equity partner (PEP) fall by 30%.

The firm’s UK PEP has fallen from £613,400 during 2007-08 down to £436,000 for the last financial year.

UK revenues have dipped by 5.7%, taking fee income down to £92.6m from the £98.2m posted during the 2007-08 year.

Taylor Wessing cited its exposure to financial institutions in its real estate, corporate and finance practices as part of the reason for the drop in revenue.

Globally Taylor Wessing’s revenues increased by 1.7% to hit £188.4m compared with £185.2m the previous year, with Germany and Dubai the strongest performers. PEP fell by 13.7% globally.

Commenting on the 2008-09 results, managing partner Tim Eyles said: "Given the challenging market conditions we are very happy to have increased turnover across the firm.   Different markets and jurisdictions have been impacted in different ways by the economic downturn.  In the UK our turnover was down by 5.7%, which was not unexpected and reflects the impact on our financial institution clients, both in finance, real estate and corporate.”

Taylor Wessing on the Legal Week Wiki