The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. 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 seen a drop in average profit per equity partner (PEP) as the corporate-heavy firm becomes the latest to suffer the effects of the credit crunch.
In financial results announced today, Travers achieved a slight increase in turnover, which rose from £78.5m to £81m, but saw PEP fall by 7.6 per cent from £817,000 to £755,000.
Managing partner Chris Carroll said that the firm’s results are less positive than many because of its unusual financial year, which ends in July, meaning that they reflect three more months of credit crunch-related gloom, and three fewer months of the M&A boom.
He said that from April 2007 to April 2008 the firm had recorded double-digit revenue growth, but it had been hit by the economic downturn for much of this year.
Carroll said: “We are in the vanguard of the slowdown. We might be an illustration of what is going to be happening across the board in London.”
The results follow a record year in 2007, when Travers made the most of the M&A boom to boost turnover and PEP by 15 per cent.
Carroll said it was surprising that the corporate practice had increased revenues this year, despite economic conditions, adding that other practice areas had made steady progress.
He put the fall in PEP down to sluggish growth and rising costs. “We slightly increased on 2007’s turnover with 2008 overheads. Salaries went up across the board last year.”
Travers’ closest rival Macfarlanes has also been hit by the credit crunch. Last month the silver circle firm announced a rise in turnover of 6.7 per cent but PEP remained static at £1.1m (The Lawyer, 30 June 2008).