Travers Smith sees revenue and profits slip in year of 'market volatility'

Travers Smith has reported a slight fall in revenue and profits for 2024/25, though profits per partner edged up to a new high.

The firm’s turnover slipped 2% to £210 million, while profit dropped to £74.1 million from £77 million last year. Despite the dip, PEP inched up to £1.3 million - a new high for the firm. Revenue per lawyer climbed 6%, also the highest to date.

The results come after a strong 2023/24 when Travers broke through the £200 million revenue barrier for the first time and profits rebounded after two years of decline.

Highlights

Highlights from the year included advising listed NHS landlord Assura on its high-profile takeover that was ultimately won by listed rival Primary Health Properties ahead of US private equity giant KKR and, on the disputes side, representing HP on its claim against the estate of Autonomy founder Mike Lynch.

In terms of international expansion, in March this year, Travers joined the list of top-tier M&A firms seeking dedicated EU competition law capability by opening an office in Brussels.

What they said

Managing partner Edmund Reed said: "These results demonstrate the resilience and underlying strength of our core business, even in a year marked by continued market volatility.

"Our focus on prioritising more profitable revenue in our strategic areas - transactions, disputes and investigations, and complex advisory mandates - has continued to contribute strongly to the firm’s progress in growing both RPL and PEP."

Senior partner Andrew Gillen added: "Despite continued turbulence across the world and choppy economic conditions, we have achieved a great deal to maintain our strong position. I feel a real sense of energy and optimism across the firm as we move quickly to address our clients' needs in a fast-changing world."