Travers sees turnover nudge up in first half of financial year

Travers Smith has unveiled a 1.5 per cent increase in its half-year revenues for the first six months of the 2012/13 financial year.

Andrew Lilley
Andrew Lilley

The firm brought in fees totalling £40.5m in the half-year to December, up on £39.9m during the equivalent period of 2010.

The firm operates a 30 June financial year-end, unlike most City firms, whose annual cycle runs to 30 April.

The upturn follows a 16 per cent increase in the firm’s full-year turnover for 2011/12 to £83.8m, with average profit per equity partner at the firm mushrooming by 24 per cent to £804,000 during the same period (16 July 2012).

Managing partner Andrew Lilley said the firm was weathering a potentially difficult business environment and singled out disputes as a particular area of growth.

Lilley commented: “Certainly for us to be in the same ballpark [as 2011/12] so far is encouraging, but we’re always a cautious bunch when it comes to making predictions on the months ahead.

“I’d pick out litigation as a particularly fast-growing area. There are strengths in lots of areas but I’d say that would be one standout I would mention. Perhaps it’s a feature of the current climate that we’ll see a particular uptick in that area.”

The news comes as the firm presses ahead with its review of associate remuneration, launched last year (24 September 2012). The programme is expected to conclude in late spring, with any resulting changes likely to be minor.