Travers Smith Joins NQ Pay War as Revenue Jumps 10%
The firm is vying for new talent with City rival Macfarlanes.
July 10, 2019 at 09:44 AM
2 minute read
Travers Smith has announced a 10.7% increase in its revenues for the 2018-19 financial year to £162.5 million, as profits per equity partner (PEP) crept up 3.6% to £1.25 million.
Turnover at the firm rose £15.6 million last year, marking slower growth relative to last year's 17.5% increase.
Last year, the firm recorded bumper PEP growth, which saw partner pay increase from just under £1 million in 2016-17 to peak at £1.2 million at the end of 2018.
The firm did not report its profit growth.
The firm simultaneously announced an increase in its newly qualified (NQ) pay, boosting rates so that, including a bonus, NQs at the firm can take home between £93,500 and £110,500.
This puts Travers NQs on a roughly even par with those at City rival Macfarlanes, which pays NQs at the lower end of the bracket a slightly better £98,600 – including bonuses – while those at the top could pocket up to £110,250; £250 less than at Travers.
The move takes Travers' new NQ base pay from £78,500 to £85,000, matching the rate at Macfarlanes.
Travers Smith's managing partner David Patient said in a statement: "This has been another very successful year for the firm, building on the momentum of the last few years. These excellent results are the product of fantastic teamwork and collaboration across the whole firm. We've done great work for great clients again this year, and it's been a collective effort by our market-leading disputes, transactional and advisory practices."
He added that the next year will "no doubt throw up new challenges, and there are certainly signs of storm clouds gathering" but that the firm retained a "healthy pipeline" of work.
Key mandates for the firm this year include advising Hewlett Packard in relation to fraud claims against the former CEO and CFO of Autonomy Mike Lynch, and advising on a series of company voluntary arrangements for retail companies including Carpetright, Carluccio's and House of Fraser.
Earlier this month, tax partner Kathleen Russ took over as the firm's senior partner from Chris Hale.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Norton Rose Racial Discrimination Complaint Triggered South African IT Probe
4 minute read
Hogan Lovells Takes Partner Quartet, Hiring from Dechert, Ashurst in Singapore
Trending Stories
- 1Judicial Ethics Opinion 24-61
- 2Decision of the Day: School District's Probe Was a 'Sham'; Title IX Administrator Showed Sex-Based Bias
- 3US Magistrate Judge Embry Kidd Confirmed to 11th Circuit
- 4Shaq Signs $11 Million Settlement to Resolve Astrals Investor Claims
- 5McCormick Consolidates Two Tesla Chancery Cases
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
