has prolonged the time it takes for junior partners to progress into full equity by a year.
Junior partners now have to wait three years before they can be considered for the equity partnership, where the average profit per partner stands at £705,000.
Voting on this year’s promotions into the equity will take place next week, The Lawyer understands.
The City firm is operating a system of ‘positive rebuttal’, which means junior partners could be considered for earlier promotion if they perform exceptionally well.
On the flipside, it means they could remain in the salaried tier if they fail to meet expectations.
Managing partner Chris Carroll told The Lawyer: “As this is just a presumption rather than a rule, we felt that three years was a more natural time to allow junior partners to develop.
“We’re still very careful not to let anyone pass into the junior partnership who we feel wouldn’t pass into the equity after three years. The expectation is that every junior partner will make it into equity after three years.”
Travers currently has 47 equity partners and 10 junior partners. Junior partners’ salaries are not linked to equity partners’ profits.