Partners at Silver Circle law firm Travers Smith have seen the value of their annual payouts drop by 10 per cent, according to the City law firm’s annual results.
Travers Smith’s partners are set to receive payouts worth £1.105m for the financial year ending on 30 June 2022, compared to sums of £1.22m in the previous financial year, the financial results show.
The drop in partner payouts marks the end of a period of fast paced growth in the value of the firm’s top lawyers pay packages, that have increased 50 per cent over the previous decade.
Travers Smith managing partner Edmund Reed said the law firm had posted “resilient results” in the face of “the Brexit vote, the Covid pandemic [and] the outbreak of hostilities in Ukraine”.
“Despite this increasingly turbulent macro-economic backdrop, our business continues to be healthy, and our people continue to perform to an incredibly high standard,” Reed said.
Travers Smith’s payouts came as the City law firm saw its revenues increase five per cent, to £195m, over the same period of time. The centuries old law firm failed to provide information on its overall profitability.
In its most recent round of promotions in May, the law firm promoted a record 11 lawyers to partner, compared to eight in 2021. Travers Smith currently employs more than 200 lawyers, including 97 partners.
The corporate law firm this year confirmed plans to move from its current Farringdon headquarters to new 250,000 square foot offices across the top nine floors of the 13 story tall Stonecutter Court tower.