Travers posts rise in revenue but partner profits slip by 2%
Travers Smith saw revenues increase by 3% in the 2012-13 financial year, though profits per equity partner (PEP) fell 2%. The firm posted total revenue of £86.2m, up from £83.8m last year. PEP dropped 2% from £804,000 in 2011-12 to £790,000.
July 18, 2013 at 08:13 AM
2 minute read
Travers Smith saw revenues increase by 3% in the 2012-13 financial year, though profits per equity partner (PEP) fell 2%.
The firm posted total revenue of £86.2m, up from £83.8m last year. PEP dropped 2% from £804,000 in 2011-12 to £790,000.
The firm's total number of global full equity partners stood at 64 on 1 May.
The results follow those from a string of other firms, with Herbert Smith announcing its post-merger revenues yesterday, including an 11% dip in PEP.
Recent Legal Week research found that Travers secured the top spot among City law firms for overall employee satisfaction. The firm also scored the highest for employee retention, with the lowest percentage of staff looking for a new role (4%). Travers' staff are most satisfied with their salaries – with average satisfaction levels 30% higher than at other firms surveyed.
Last month the firm announced an overhaul of its associate lockstep, introducing merit-based pay for its more senior associates, as well as one-off payments for those with "disruptive" work patterns, following a review of associate remuneration at the firm.
The changes follow a review of associate remuneration at the firm, which took over 10 months. The firm will retain its traditional lockstep structure for junior associates, while bringing in increased flexibility for associates with more than six years' post-qualification experience.
Travers will also consider making one-off payments to associates whose patterns of work have seen them required to put in unusually demanding amounts of time.
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