Profits dipped by £10m at Travers Smith in 2023 as the City firm shouldered a hefty increase in its wage bill, accounts filed at Companies House show.
In the year to 30 June, the trading surplus before members’ remuneration and profit shares fell 13% to £65.2m, down from £75.2m in the previous 12 months. Personnel costs, including wages, climbed from £81m in 2022 to £89.6m.
Last July Travers revealed that profit per equity partner was flat at £1.1m on turnover up by 1% to £197.5m. Cash at bank and in hand fell from £23.3m in 2022 to £7.5m, the accounts show.
Commenting last July, managing partner Edmund Reed said: ‘Despite difficult trading conditions, we have continued our forward-looking investment, including developing award-winning technologies that will improve our client offering, a market-leading people proposition that reflects our values, and a commitment to a highly sustainable, new build premises in Stonecutter Court.’
The highest-paid partner received £2,250,000 in 2022-23, down from £2,401,000 in the previous 12 months. The average number of LLP members climbed from 88 to 93.
