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Travers Smith has elected Chris Carroll as its managing partner for a third term, making him the second partner to have won three successive elections at the firm.
As widely expected, Carroll stood in an uncontested election and the partner vote was unanimous, according to the firm’s senior partner Alasdair Douglas.
The term for a managing partner runs three years at Travers Smith. The firm has no formal rules limiting terms, but “managing partners normally become exhausted after a couple of terms,” said Douglas.
Douglas himself served two terms preceding Carroll, who took over in January 2001. Only one other managing partner, current head of real estate Robert Harman, has managed to win three elections in recent times.
Carroll told The Lawyer: “'I think we are all pretty happy sticking to our knitting. All in all we see no pressing reason to change the way we try to do things, other than to try to do them better.”
The firm had an excellent showing in the last financial year, with turnover jumping by 25 per cent to £68.1m, while average profits per equity partner (PEP) are now above £700,000. When Carroll was last elected in 2004 in the middle of the last M&A downturn PEP was lagging at £390,000.
Douglas said: “We’re hoping for more of the same. We’ll be pretty successful as long as the economy stays in the same benign state it is currently in.”
As first reported in The Lawyer (27 November), Carroll’s first task of 2007 will be to build relationships in India. He will be in Mumbai in the New Year with a view to developing ties with several local firms.
The firm, which has offices in London, Paris and Berlin, is favouring India over China for cross-border referral work.