International law firm Taylor Wessing has reported a 4.4% increase in global revenue to a record Stg £439 million for its 2022/23 financial year.

Revenue in the British division, which includes its Irish office, rose by 3.5% to just over £227 million, but British profits fell by 12% to £81.7 million – a drop that the firm attributed to “significant investment” during the year.

During the year, the firm increased its office space in Dublin, and added three new partners.

It also added new property and banking-and-finance practices to its Irish offering.

‘Difficult conditions’

Shane Gleghorn (managing partner for Britain) commented: "Like many in the legal sector, this year saw us face difficult macro-economic conditions, which had an impact on market demand for legal services.

“We were pleased, therefore, to see the firm continue to grow revenue, and these results are a credit to the talent and hard work of our people."

Taylor Wessing has also announced a complete refurbishment of its London office at 5 New Street Square to create a sustainable space by 2025.