Travers boosts PEP to £810,000

Travers Smith is the latest firm to announce its financial results, posting a solid 15 per cent rise in both turnover and average profit per equity partner (PEP).

The City firm’s 47 equity partners now take home an average of £810,000 per partner while its turnover stands at £78.3m. Net profit has risen 15 per cent from £33m to £38.1m. Last year PEP was £705,000 while turnover was £68.1m.

Managing partner Chris Carroll said: “The success of our financial results is in part a reflection of the booming market conditions of the past 12 months. It is also a reflection of a truly impressive client list and market-leading work across all jurisdictions and disciplines. It hasn’t all been down to corporate, we have been busy right across the firm.”

The corporate-heavy firm has profited from the M&A boom. In particular its private equity practice has scored a string of deals advising management in MBOs such as Permira’s £1bn bid for McCarthy & Stone and Merlin Entertainment’s £1bn acquisition of Tussauds, as well as cementing its relationship with private equtiy house 3i, among others. The corporate group accounts for more than half of the firm’s turnover.

But its litigation group bucked the market trend by having a strong year, said Carroll. The team successfully advised NatWest in its litigation brought by Morgan Lewis client Rabobank.

The year saw Travers Smith close its German office. Paris is Travers Smith’s last remaining overseas office, which only has English law capability.

The firm was later than others in reporting its financials because if operates a June year-end.