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 has become the latest firm to make redundancies, shedding four associates across its real estate and corporate groups.
It is understood that the firm has also closed a small team of residential conveyance lawyers and is in the process of trying to find them alternative employment.
Travers Smith has a six-partner real estate practice, which provides around nine per cent of its revenue but has suffered from the decline in the property market.
The firm has seen its core corporate practice hit by the economic slump, with a lack of transactions leading to a fall in profits this year.
In the latest set of financial results, for the year ending July 2008, Travers' average profit per equity partner (PEP) figure fell seven per cent to £755,000, while turnover increased slightly to £81m.
In August, the firm announced that it would be freezing pay rates for trainee and associate lawyers.
Travers Smith managing partner Chris Carroll (pictured) declined to comment on the job cuts.
DLA Piper also announced job cuts this week, with the expectation that up to 20 fee earners and 20 support staff across its UK offices will lose their jobs (2 December).