Travers Smith's PEP passes £1m mark as management hails 'excellent performance'

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Travers Smith has reported revenue growth of 13% and an increase in profit per equity partner (PEP) of 8% for the year ended 30 June 2016.

The firm’s PEP has climbed above the £1m barrier, with partners set to take home an average of £1.015m for 2015-16, up 8.5% from £935,000 in 2014-15.

Travers’ revenue has also risen to £120m, up 13.2% from the previous year when the firm reported revenue of £97.2m.

The firm’s managing partner, David Patient, said: “Despite the uncertainty caused by the referendum, this has been another excellent year for the firm.

“This year will, undoubtedly, present a number of challenges for our clients, this firm, and the profession as a whole, as the implications of the decision to leave the EU unfold, but we are well placed to respond to the complex demands of our clients and to take advantage of the opportunities that Brexit will inevitably throw up,” he said.

Travers senior partner Chris Hale (pictured) said the rate of growth was a “reflection of the consistently excellent performance” of the firm’s transactional, advisory and dispute resolution practices.

He added: “It also reflects the strength of our model as one of the few independent English law firms at the top end of the market.”

Key deals for the firm in 2015-16 include advising South African conglomerate Steinhoff on its bids for retailers Home Retail Group and Darty; acting for the shareholders of restaurant chain Gaucho on its sale to private equity firm Equistone Partners Europe; and acting for the broker Liberum Capital on the float of retailer Hotel Chocolat on the AIM market.

This month, the firm announced a new pay scale for associates, with newly qualified lawyers set to be paid £71,500 a year, lawyers with one-year post qualification experience (1PQE) to be paid £79,000 2PQE associates to receive £91,000 and 3PQE lawyers £100,000.