Travers Smith

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Overview

Something of a rarity in the City as a commercial law firm that remains defiantly London-centric, Travers Smith traces its history back over 200 years. The firm's practice is built very much around its corporate practice, with a particular focus on private equity.

In its upper mid-market hunting ground, the firm is among the best there is, typically bracketed alongside respected outfits such as Macfarlanes and Dickson Minto. However, as a relatively small firm by the standards of modern legal giants, the firm retains more of the traditional partnership structure and culture than most rivals, a quality that the firm tends to cultivate as a selling-point. Likewise, the firm has a reputation for being rather laid-back despite the inevitable demands of a deal-driven practice.

While the firm's transactionally-driven practice tends to slow considerably when the deals dry up, in recent years Travers had been an exceptional performer, in 2007 seeing its average partner profits up by 15% to hit £810,000, which put it among the most profitable outside the magic circle.

However, the effects of the credit crunch hit Travers hard, and the firm fell to 45th place in Legal Week's 2009 UK top 50 rankings with average partner profits down by 37.7% to £470,000.

History

Travers is one of the City's oldest law firms, with one of its partners in 1801 having the distinction of drafting the constitution of the first Stock Exchange. The firm was to gain its name in 1851 when Joseph Travers Smith, a man described as an acknowledged authority on Havana cigars and vintage port as well as being the solicitor to "the Westminster Bank and to numerous old families from Royalty downwards" became its senior partner. Step forward 100 years or so and Travers Smith Braithwaite (as the firm was known between 1873 and 2004) had maintained its place among the City's leading corporate advisers, even if it did not have quite the plc reputation of a Linklaters & Paines or a Slaughter and May.

What was to distinguish the firm in the 1990s was its decision to avoid much of the expansion and corporatisation adopted by larger law firms to instead stick to its London focus (aside from retaining a small UK-law Paris branch). Travers was also during this period courted as a merger partner by Latham & Watkins but the famously independent UK firm ultimately did not want to absorbed by a larger American practice (a recurrent theme in its recent history). An exception to the UK-first rule came in 2001 when the firm announced the launch of a German law practice.

The next few years were to be rather lean for the firm as the deal markets slowed in Europe, which left Travers' average partner profits stagnating around the £400,000 mark. However, growth has picked up considerably since 2005, with average partner profits passing £800,000 in 2007. This period has seen an expansion in the size of the firm, which now has 66 partners and over 200 lawyers. One exception to that has been in Germany, where Travers decided to close its local branch in January 2007.

However, despite that decision, Travers has shown renewed interest in improving its referral links in response to the revival in cross-border deal activity. Whether this course of action will be enough to sustain the firm's position is open to debate. However, the current management team of Chris Carroll and Alasdair Douglas has shown little enthusiasm for a major shift in the firm's direction.

News, deal and comment on Travers Smith

Culture

Famously old-school, Travers prefers to keep its business structured like a traditional partnership. This has contributed to a more laid-back and collegiate kind of firm, which makes no bones about the fact that it is not looking to work its lawyers magic circle/US law firm kind of hours. The firm is also renowned for having one of the most down-to-earth partnerships in the City, while partners are also given credit for treating assistants well.

Key departments

Despite its corporate focus, Travers accurately describes itself as a full service firm, meaning that it covers all the key commercial disciplines like property, tax, banking and litigation. The firm is currently structured into the following departments (with team heads alongside):

• banking - Jeremy Walsh;
• commercial - Tom Purton;
• corporate finance - Spencer Summerfield;
• corporate recovery - Keith Bordell;
• employment - Dorothy Henderson;
• EU and competition - Margaret Moore;
• financial services - Margaret Chamberlain;
• litigation - Jonathan Leslie;
• pensions - Paul Stannard;
• private equity - Chris Hale;
• real estate - Julian Bass; and
• tax - Alasdair Douglas.

National/international coverage

A London-focused firm, though it maintains a small Paris branch largely to manage referrals. However, Travers has been putting more work of late into building up its referral partners. US law firms that it has historically worked with include Skadden Arps Slate Meagher & Flom, Shearman & Sterling and McDermott Will & Emery. In Germany the firm has worked with Hengeler Mueller, P+P Poellath + Partners and Noerr Steifenhofer Lutz. The firm regularly works with many others in Europe.

Key clients

As mentioned above, Travers' client base has a heavy tilt towards private equity and banks and institutions involved in buy-out financing. The firm's largest current clients are: 3i; AIG; Bank of Scotland; Bridgepoint Capital; Carpetright; Euroclear; Macquarie; Peel; Phoenix Equity Partners; and Royal Bank of Scotland.

Leading partners

Career prospects

Currently looking good, at least by the standards of high-end City firms. The firm has made up a considerable number of partners over the last two years and historically very much favours internal promotion over lateral hiring. Four partners were promoted in 2009.

Salaries

Like most City firms, Travers dramatically raised its pay for junior lawyers in 2007 to be roughly in line with magic circle firms. However, there have been claims that the firm is not the most generous with its bonus scheme. Current pay bands are:

• new trainee: £36,000
• newly-qualified: £64,000
• 1 PQE: £69,000
• 2 PQE: £78,000
• 3 PQE: £86,000

Recruitment

The firm's key contacts are: Tom Purton (graduate recruitment); Phil Sanderson (professional recruitment); and Karen McLoughlin (support staff recruitment).

Work-life balance

Something of an oddity as a deal-driven firm that makes an effort not to obsess about hours. Consequently, staff morale is among the best in the City.

Diversity

Pro bono/corporate social responsibility

Independent Legal Week research gave the firm high marks for pro bono activity.

Travers describes its pro bono policy thus: "We have always believed it is important to carry out our business in a responsible, ethical and professional manner and we encourage all of our staff to engage in our corporate social responsibility programme. As well as our comprehensive pro bono programme, we are a proud supporter of a number of local community initiatives and organise numerous fundraising events and activities for our dedicated charity, currently Demelza Children's Hospice, which we review each year. We also have an Environmental Management System, which incorporates a recycling plan and comprehensive range of initiatives designed to minimise our consumption of energy, water and paper."

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