Travers Smith partner profits soar 21 per cent to £1.2m
Travers Smith partner profits have soared by over a fifth to £1.2m, following investment in asset management, M&A and dispute resolution.
Profit per equity partner rose by 21.5 per cent to £1.2m while turnover was up 15 per cent at £186m according to provisional figures for the year ended 30 June 2021.
“None of us were expecting that we would be living and working under lockdown restrictions for such a long period of time” managing partner Edmund Reed said in a statement.
He continued: “by supporting each other both professionally and personally, every team across the firm has contributed to produce these excellent results.”
Reed acknowledged that the next year would present new challenges but was optimistic in his outlook: “we go into our new financial year in very good shape, confident in our model, and with a healthy pipeline of work.”
The law firm did not access the government’s job retention scheme and kept all members of staff on full pay throughout lockdown.
The latest figures have likely come as a welcome, and significant, improvement Travers Smith’s results last year when partner earnings fell 20 per cent and revenue remained flat at £161m.
The news comes amid an ongoing bidding war between law firms for junior lawyers. Travers joined the race last month by matching their competitor Macfarlanes.
Their city rival raised rates by 6 per cent to £90,000 earlier this summer – but Travers added that recently qualified juniors could earn “between £100,000 and £117,000″ once firm-wide bonus and other discretionary payments are accounted for.