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.
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