Travers Smith scraps management committee in governance shake up
The firm has reformed its committee structure in the wake of a sweeping review by management
November 22, 2015 at 07:03 PM
2 minute read
City firm Travers Smith has scrapped its ten-strong management committee and replaced it with two separate boards in the wake of a review of its governance structure by senior management.
The firm has replaced the management committee with two nine-strong boards – a partnership board and an operations board.
The review that led to the changes was initiated by managing partner David Patient and senior partner Chris Hale, who took up their positions in January 2015 and July 2013 respectively.
It was undertaken by a small group of partners and its recommendations have been implemented over the course of the past year.
The 9-strong partnership board is akin to an executive committee and is responsible for important strategic matters, including approving new partners. It is chaired by senior partner Hale.
Partners on the board are directly elected for a three year term, although the current board was elected on a mixture of one, two and three, year terms to stagger subsequent re-elections.
Meanwhile, the operations board focuses on day-to-day management of the firm and is chaired by Patient, who appoints the boards members.
The firm has also cut the number of other committees, which sit below the two management boards and deal with sectors or practices, by a third, although debates about the future of some others are ongoing.
Hale said: "There were millions of other committees reporting to either of the boards and they have been rationalised a bit because we had loads of them."
The firm passed the £100m revenue mark for the first time this year, announcing a 9% increase to £106m for the 2014-15 financial year, up from £97.2m in 2013-14.
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