| Turnover | £54.5m | | Profit per equity partner | £575,000 | | Equity spread | £330,000-£800,000 | | Net profit | £25.3m | | Profit margin | 46 per cent | | Revenue per lawyer | £354,000 | | Revenue per partner | £1,069,000 | | Revenue per equity partner | £1,239,000 | | Total no of fee-earners | 208 | | Total no of assistants | 103 | | No of partners | 51 | | No of equity partners | 44 | | Total no of female partners | 7 | | Total no of female equity partners | 6 | | Total no of staff | 350 | | Leverage ratio (equity partners/fee-earners) | 2.3 | | Representative clients | NTL
Bridgepoint
Phoenix
3i
Peel
Tess
BOS | |
Travers Smith had a storming year, all down to
the corporate practice, which dominated the
quality end of the midcap market like almost no
other firm. This was emphasised by three out of
five partner promotions coming from corporate.
Revenue was up from £45m to £54.5m (around
£1.5m was derived from the firm's small outposts
in Paris and Berlin), while average PEP leapt to
£575,000 from £415,000.
That said, Travers should enjoy the sunshine
while it can; unlike other leading midsizers, it is
not well hedged. Finance, litigation and property
each represent 10 per cent, while corporate
accounts for a full 50 per cent of turnover, or
£27.2m.
Financial management is sound: there are no
borrowings and lockup hovers at the UK average
of three months. Top equity partners contribute
£150,000 in capital and the firm pays out profit
shares within 12 months. Five per cent of the net
profit pool is reserved for bonuses.
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