Top 45 LB 100 firm Travers Smith today (17 July) announced its strongest financial results to date, with turnover for the 2013/14 year up 13% to £97.2m – breaking through the £90m mark – while profit per equity partner (PEP) saw an uptick of 12% to £882,000.
The results are a marked improvement on last year’s growth levels – although its 2012/13 revenue was also a record number – where the firm recorded a 3% increase to £86.2m against a decrease in profit per lawyer and PEP, down 6% and 1% respectively. Highlighted for their standout performances were the private equity and corporate practices, which benefited from an uptick in global M&A.
While the firm notably lost leverage finance partner Ben Davis to Reed Smith in March, major standout corporate mandates included leading on a $3.1bn acquisition of Nordic card-payment business Nets Holding alongside Kirkland & Ellis. It further secured a high profile role advising Cyprus-based online broker IronFX Global on its sponsorship agreement with FC Barcelona, an arrangement that will see IronFX become an ‘official partner’ of the renowned football club throughout the world.
The firm also recently carried out a management overhaul with the appointment of four new department heads within its private equity, financial services & markets, real estate, and banking and corporate recovery departments, as longstanding partners Phil Sanderson, Margaret Chamberlain, Julian Bass and Jeremy Walsh stepped down from their respective roles.
On the results, managing partner Andrew Lilley, who is also set to step down from his leadership role at the end of the year to be succeeded by senior corporate partner David Patience, said: ‘This is a very strong set of results marking the firm’s most successful year to date. More benevolent market conditions, including an increase in global M&A activity across a range of industry sectors, created renewed confidence amongst our clients. As a result, work levels remained consistently high across all areas of the firm throughout last year.
‘Highlights included an exceptional year for our private equity and corporate finance practices, and sustained activity levels in our financial services & markets and dispute resolution practices. Order books look promising for the year ahead.’