Travers PEP Plummets 20% As Profits and Revenue Dip Too
The firm has reported a 1% drop in revenues for the past financial year, citing the impact of the coronavirus crisis, Brexit and investment into the firm as reasons for the muted growth.
July 30, 2020 at 12:15 PM
3 minute read
Travers Smith
Travers Smith PEP fell sharply in the most recent financial year by 20%, alongside a fall in profits and a revenue slip down of 1%.
According to a statement by the firm on Thursday, PEP dropped dramatically to "approximately £1 million" for the year ended June 2020, down from £1.25 million in 2019.
Its net profit figure, which the firm does not announce, fell by 11%, while its revenue dipped by 1% to £160.9 million
The firm's financials mark a reversal of its previous fortunes. In 2019, the firm grew its top line by nearly 11% to hit £162.5 million while the year before that revenues grew by 17%.
The firm said in a statement that the latest results reflect "the impact of the ongoing crisis, Brexit uncertainty over the course of the last year, and continued significant investment in the firm's people, systems and processes, which have enabled the firm to continue to operate effectively during the lockdown".
During the coronavirus-induced lockdown, Travers reduced monthly drawings for all of its partners, and deferred partner profit distributions and has delayed annual salary reviews until later in the year. The firm said in the statement that it has now awarded firm-wide bonuses, though at a reduced rate.
Firm managing partner David Patient said in a statement: "The last few months have seen trading conditions unlike any that we have previously experienced but, despite that, the way we have reacted to the COVID-19 crisis has exceeded all of our expectations.
"Inevitably, the lockdown, which coincided with the crucial last quarter of our financial year, has had an impact on our provisional year end results, with turnover falling by approximately 1% compared with last year. However, this year's results come after an uninterrupted 10 years of consecutive growth.
He added: "Our profits may have fallen, but in the circumstances I am more than happy with these results and, overall, they reflect the best part of nine months' strong trading, and then the inevitable impact on our business of the worst economic and health crisis any of us have ever experienced."
Top law firms have revealed muted growth in their most recent financial results in contrast to a strong 2019, though some firms such as TLT and Stewarts have announced double-digit revenue increases.
Read More
Eversheds International Bucks Muted Trend With 8% Revenue Uptick, Profits and PEP Increases
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
© 2025 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
Malaysia’s Shearn Delamore Set To Expand Local Footprint With New Office Launch
CMA Uses New Competition Powers to Investigate Google Over Search Advertising
‘A Slave Drivers' Contract’: Evri Legal Director Grilled by MPs
Law Firms Mentioned
Trending Stories
- 1Courts Grapple With The Corporate Transparency Act
- 2FTC Chair Lina Khan Sues John Deere Over 'Right to Repair,' Infuriates Successor
- 3‘Facebook’s Descent Into Toxic Masculinity’ Prompts Stanford Professor to Drop Meta as Client
- 4Pa. Superior Court: Sorority's Interview Notes Not Shielded From Discovery in Lawsuit Over Student's Death
- 5Kraken’s Chief Legal Officer Exits, Eyes Role in Trump Administration
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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
