Travers top partner pay jumps by a third to hit £2m
The firm's top paid partner took home £1.5m last year
February 08, 2019 at 05:59 AM
2 minute read
Travers Smith's highest-paid partner last year took home 33% more than the previous year's top earner, pocketing £2m.
The firm's revenue and operating profit also saw double-digit growth, as revenue leaped by 17.5% to hit to £145.7m while operating profit rose 20% to reach £67m.
Travers' seven-strong top management team pay rose by £100,000 as a result of the strong performance, hitting £3.1m.
Last year, the firm's profit per equity partner jumped from just under £1m in 2016-17 to £1.2m.
Staff costs at the firm also increased, rising by a third from £45m to £60m in 2017-18. Salaries made up the bulk of that amount, with the firm paying out £44m in staff pay during the year.
Overall headcount also rose from 497 to 528, with the number of fee-earners rising from 301 to 314.
Key mandates for the firm's corporate arm during 2017-18 included Bridgepoint's £1.5bn sale of sandwich chain Pret a Manger, Hammerson's £3.4bn bid for Intu Properties, and UK tech company Micro Focus's $8.8bn purchase of Hewlett Packard Enterprise's software business.
Other clients of the firm include ZPG, Breedon Group, TA Associates, Patron Capital, British Steel Pension Scheme Trustee and Shazam.
Senior partner Chris Hale is set to step down this summer, with tax partner Kathleen Russ set to take over the role in July.
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