The top 40 City firm saw PEP drop to £755,000 from last year’s figure of £817,000, although the firm also reported a small increase in turnover, pushing revenue through the £80m mark.
Total turnover climbed by 3% from last year, when the firm took in £78.3m in revenue, which marked a 15% increase on the 2005-06 total.
Travers’ results see the firm join a string of City rivals reporting falling partner profits, with LG, Berwin Leighton Paisner and Trowers & Hamlins all posting decreases in PEP.
LG saw a 3.4% fall in PEP figures, dropping from £445,000 in 2006-07 to £430,000 this last year, while BLP reported a 6% decrease in profits from £660,000 to £620,000
Trowers reported the largest drop in PEP, with the firm seeing an 8% decrease in profits from £559,000 to £515,000.
Travers managing partner Chris Carroll said: “Given that all but six weeks of our year fell within the credit crunch and given the focus of our practice, we are happy to have done as well as we have.”
He added: “It is perhaps interesting to note that while in the year from June to June we have recorded relatively modest growth, we would have reported a double-digit increase if we had had an April year-end.”
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