Travers Smith accounts reveal rising pay for top earner and key management team

travers-smith-Article-201704100756

Travers Smith’s key management figures saw their combined pay increase by nearly 20% last year, the firm’s limited liability partnership (LLP) accounts have revealed, while Mishcon de Reya’s first LLP filing has shown the firm’s highest paid partner took home £1.73m.

Travers’ LLP accounts for the financial year to 30 June 2016 show that pay for “key management personnel” grew by 18% to £3.3m, up from £2.8m in 2014-15.

The accounts also reveal that the firm’s highest paid member took home £1.45m in 2015-16, up nearly 13% on the previous year’s figure of £1.28m.

Audited fee income for year to 30 June 2016 was £120.3m, an increase of 14% from the 2014-15 figure of £105.2m. Profit for distribution among members also saw a double-digit increase, up 13% to £53.6m from £47.4m.

The firm ended the year with £15.6m in the bank, a fall of more than £9m from the previous year, when it had £24.8m of cash and cash equivalents. The number of fee earners increased 6% from 265 to 282, while the average number of members increased from 68 to 70.

Meanwhile, in its first year as an LLP, Mishcons’ accounts for the year to 9 April show that the firm’s highest paid partner took home £1.73m in 2016, broadly in line with the previous year’s top figure of £1.74m.

Mishcon converted to an LLP structure in October 2015. The accounts state that the firm’s audited turnover for the six months after conversion was £68.6m, with unaudited turnover for the full financial year to 9 April of £130.3m.

The average number of employees at the firm grew 12% from 525 to 588, while average members increased from 83 to 91. As a result, staff costs at the firm increased from £39m to £45m.

Last summer, Mishcon’s average profit per equity partner hit £1m for the first time. The firm laid out its three-year business plan in 2012, which included boosting revenue to at least £100m by 2016. Long-running managing partner Kevin Gold, who has held the position since 1997, was reappointed for another third year term at the helm in December last year.