TRAVERS Smith’s incoming managing partner Andrew Lilley has pledged to continue the corporate firm’s policy of riding out the recession.
Despite being hit by the drop-off in transactional activity, Travers has not made significant cuts in response to the recession, with just five associates made redundant at the end of last year.
Current managing partner Chris Carroll, who stands down in January 2010, has pursued a strategy of keeping costs low and waiting for market conditions to improve.
Head of employment Lilley said he was not planning to overhaul the City firm, adding: “Given that I was on the management board for five years, it would be odd if I came out with a different plan. My hope is that we can carry on business as usual.”
Lilley won the role after senior partner Alasdair Douglas held informal soundings within the Travers partnership.
He inherits one of the most profitable partnerships in the top 50, despite the impact of the credit crunch. In the 2007-08 financial year its average profit per equity partner figure fell by 7.6 per cent to £755,000, while turnover rose slightly to £80m.
On the contrary, Travers Smith has made a significant number of redundancies (well into double figures) as well as getting rid of a huge number of corporate assistants under the radar for ‘performance reasons’. I have no idea how this has not been reported.
I agree with the above comment. I was one of 12 fee earners at Travers Smith who were made redundant in March this year.