Travers extends time partners must serve before taking full equity status
Travers Smith has extended the amount of time partners must serve on salaried status before being elevated to the full equity rank. The firm has increased the amount of time fixed-share partners will spend in the role before joining the equity from three years to four. The decision has taken effect from the current financial year, with Travers' latest partner promotions placed on the four-year track, while the time spent by those already on the fixed-share ladder will remain unchanged.
September 05, 2011 at 06:21 AM
2 minute read
Travers Smith has extended the amount of time partners must serve on salaried status before being elevated to the full equity rank.
The firm has increased the amount of time fixed-share partners will spend in the role before joining the equity from three years to four. The decision has taken effect from the current financial year, with Travers' latest partner promotions placed on the four-year track, while the time spent by those already on the fixed-share ladder will remain unchanged.
Junior partners do not automatically join the equity after the assigned period, but it is the expectation that the majority will do so.
The average salary for junior partners last year was £158,000 pre-bonus, while profits per equity partner (PEP) stood at £650,000 at the close of 2010-11.
The firm said that the move reflects a general trend in the industry to make full equity promotions at a later stage. It also comes following a four-year period of subdued commercial activity that has seen many law firms more tightly guard their equity ranks, either through reduced promotions or by expelling partners.
Travers managing partner Andrew Lilley (pictured) commented: "Our sense is that a lot of other firms' timescale for partner promotions has slipped back further than it is here and we decided that we would prefer to stick with giving people the opportunity to step up and have the partner tag, with an extension of the junior track, rather than pushing it back."
Travers aims to promote its associates to partner once they reach around eight years' post-qualification experience. The firm currently has 16 junior partners and 47 full equity partners, with partners at the top of the equity ladder receiving around £1.1m.
The top 50 UK firm saw its revenues remain static in 2010-11 at £72m, while PEP fell by 7.8%. However, Travers remains one of the most profitable City firms outside the magic circle.
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