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Travers Smith PEP hits £1m

Travers Smith’s average profit per equity partner has reached £1m for the first time, while revenue has jumped 13 per cent.

The 2015/16 financial year marks the seventh consecutive year of growth for the firm, with PEP increasing 8 per cent from £935,000 to £1.015m and revenue rising from £106m to £120m.

Revenue and PEP jump

Since 2009/10, Travers Smith has seen revenue increase by nearly 40 per cent from £72m, while PEP has jumped by the same percentage from £705,000.

Promotions and pay

Travers Smith made up six lawyers to its partnership this year in a larger than usual round. The firm also recently upped its associate pay, with newly-qualified lawyers now earning £71,500.


Brexit result ‘not legally binding’, say 1,000 lawyers

Legal professionals have penned a letter to Prime Minister David Cameron warning that the referendum result alone is insufficient to trigger Article 50.

The letter, signed by more than 1,000 lawyers, has advised the government to launch a fully independent investigation into the costs and benefits of leaving the European Union before reaching its final decision on Brexit. While Brexiteers came away with a slim 52 per cent majority in June’s referendum, the lawyers are concerned that the public’s ability to weigh the consequences of Britain’s exit was skewed by ‘misrepresentations of fact and promises that could not be delivered’ on the part of Vote Leave campaigners. Moreover, with the referendum result merely ‘advisory’ in nature, the lawyers recommend that primary legislation will need to be enacted before Article 50 of the Lisbon Treaty can be triggered. ‘Parliament is sovereign and the government of our democracy,’ said Philip Kolvin QC, who co-coordinated the letter. ‘In profound times of social, political, legal and economic crisis, it is important that we behave constitutionally and according to the law.’

Sources: International Business Times; The Independent; Sky News

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Turnover up at Watson Farley & Williams, Sacker & Partners

Both firms have posted modest growth in their revenues for the 2016 financial year.

Watson, Farley & Williams announced that revenue has grown 5 per cent at the firm over the last 12 months to £131.2m. The growth result is a notch below the 7 per cent increase to £125m recorded at the firm for the 2014/2015 financial year, which was itself a considerable step down from the 14.6 per cent increase achieved the year before.

Over the last year, WFW has broken ground in Vietnam through a flagship alliance with local firm LVN Associates and has bulked up its headcount in New York with two real estate hires and a new dispute resolution team.

Sacker hits double digits

Meanwhile, boutique firm Sacker & Partners has posted a 13 per cent lift in revenue to £26.8m for the last financial year, while profit was up 15 per cent from £13.6m to £15.3m in the 12 months to 31 December. With a client list that includes Lloyds Bank, HSBC, John Lewis and ITV, the strong result at Sackers is reflective of the growing number of large corporates looking to restructure their pension schemes: ‘It was a very good year. The general routine work was of a higher level and there were a few mega projects too. Generally, the pensions world is very busy,’ commented Sackers senior partner Ian Pittaway to Legal Business. Partner and staff headcounts were both flat at the firm year-on-year, at 26 and 76 respectively. Remuneration for firm’s highest-paid partner rose £300,000 last year to £1.45m.

Sources: Legal Business; The Lawyer