The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Travers Smith elected Chris Carroll as managing partner for a third term on 13 December, making him the second managing partner to win three successive elections at the firm.
Carroll won an uncontested election and the partner vote was unanimous, according to senior partner Alasdair Douglas.
One other managing partner, current head of real estate Robert Harman, has won three elections in recent times. Terms last three years, with no formal rules limiting the number terms served.
On the first day of his new term, Carroll said: "We're profitable. We see no pressing reason to change the way we try to do things, other than to try to do them better."
Average profit per equity partner (PEP) at the firm is now more than £700,000. At Carroll's last election in 2004, in the middle of the last M&A downturn, PEP lagged at £390,000.
Carroll's first task will be to build relationships in India, including a January trip to Mumbai to develop ties with local firms. But there are no plans for a formal alliance.
Carroll said: "We operate a simple model with the emphasis firmly on quality rather than size. As others constantly look to grow, we believe our model is becoming more distinctive and is proving increasingly attractive to both clients and recruits."