International firm Taylor Wessing has reported an 8% drop in UK profit, following a ‘difficult’ final quarter.
According to figures for the last financial year, UK profit fell by 8% to £57.6m, while profit per equity partner dipped by 7% year-on-year from £655,230 to around £612,640. Both figures are still the second highest on record, however.
Meanwhile, global revenue rose by around 8% to £365.6m, and UK revenue crept up from £156.6m in 2018/2019 to £157.1m.
UK managing partner Shane Gleghorn said: ‘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.’