Travers Smith has posted a record set of financial results, growing turnover by 9% to £215m against an 18% increase in profit per full equity partner (PEP) to £1.3m.

The provisional results for the year ended 30 June, which saw a 22% increase in profit to £77m, mark a strong rebound for the leading private equity-focused UK independent, which posted flat PEP of £1.1m in FY23 against a 1% increase in turnover. 

The performance continues the trend of revenue and profit growth reported by a number of leading UK firms so far this year, among them Clifford Chance, Linklaters and Macfarlanes. 

Travers’ managing partner, Edmund Reed, commented: “We are really proud of these results which have been achieved in difficult economic and market conditions, and which represent a significant improvement in the firm’s financial performance – particular achievements include breaking the £200m barrier for revenue and achieving our highest PEP to date.”

He added that the results were underpinned by consistent investment in the business and a disciplined approach to costs to support the firm’s strategy to grow market share in its core areas of international asset management, cross-border M&A and global disputes and investigations. 

Andrew Gillen, who took over as senior partner at the start of January from acting senior partner Siân Keall, said the firm had seen growth across each of its core practice areas. 

“We’ve made some excellent lateral hires and had a strong round of partner and senior counsel promotions, making us well positioned to take advantage of the opportunities around us to grow our business off the back of an improving economy and greater political stability,” he added. 

Over the past year, Travers has bolstered its funds group with the hire of Tosin Adeyeri and Joel Grossmark as partners from Proskauer Rose and Blackstone Credit and Insurance respectively, as well as its cross-practice infrastructure sector group with the hire of infrastructure debt partner Ryan Ayrton from Watson Farley Williams. 

That followed Travers’ six-strong partner promotions round in June that saw lawyers made up across finance, private equity, competition and real estate as well as pensions and environment. The firm also made up 11 lawyers to senior counsel. 

Another highlight for Travers last year was the spinning out of its AI technology products into a new software business – known as Jylo – that will sell its online AI platform to the wider legal market. 

Standout mandates included acting for Zegona in its €5bn acquisition of Vodafone Spain, one of the largest TMT deals of the year, and Clipway on its establishment as a new global GP and investment from Carmignac and General Atlantic. 

Meantime Travers’ investment in its disputes and investigations teams also appears to be paying dividends. 

Last July the firm was appointed by NatWest to conduct an independent review into its handling of the closing of Brexiteer Nigel Farage’s Coutts account, which sparked the resignations of group CEO Alison Rose and Coutts chief executive Peter Flavel. 

The firm is also representing Sports Direct in its spat with Newcastle United over the latter’s refusal to supply it with official replica football kit.

Travers’ strong set of results comes despite it regularly falling victim to partner raids by US rivals, particularly at the start of last year, but more recently this April when private equity M&A partners Ian Keefe and George Weavil jumped ship for Goodwin Procter.