Travers, Mishcon, TLT and Stevens & Bolton
Travers Smith, Mishcon de Reya, TLT and Stevens & Bolton have joined the growing list of UK law firms reporting positive financial results, with all four enjoying significant upticks in revenue.
Travers unveiled record results, with revenue climbing nearly 10% to reach £215 million, surpassing the £200 million mark for the first time. Profit per equity partner (PEP) jumped 18% to a record £1.3 million, while profit increased a whopping 22% to £77 million.
The strong results mark a significant improvement over last year’s numbers, which saw turnover increase by only 1% and PEP remain flat.
Mishcon, meanwhile, reported revenues of £300 million for the last financial year, reflecting a 17% increase. However, profits decreased slightly from £93 million to £90 million.
The firm did not disclose its PEP figure, stating last year that this metric is no longer considered helpful or useful for “a business like ours”.
The financial results reflect the first full year’s contribution from the January 2023 merger with Taylor Vinters and come about seven months after Mishcon acquired the legal resourcing business Flex Legal.
Group chief financial officer Matthew Tilley said: “We are very pleased with the performance of the business. The firm is well placed to continue its impressive track record of growth and continues to attract both clients and lawyers who want to benefit from Mishcon’s unique combination of capabilities and culture.”
Bristol headquartered TLT saw revenues climb 12% to £174 million over an 11-month period from April 2023 to March 2024. The didn’t disclose profits or PEP.
John Wood, managing partner at TLT commented: “We have reported another year of record revenue. These outstanding results can be attributed, in no small part, to our dedication to upholding a positive culture where our people feel valued, recognised and rewarded, combined with a focus on providing exceptional legal services to our clients.”
He continued: “We have continued to expand our national presence by investing into our seven locations, including opening in Birmingham this year. We are making a significant impact across the UK legal the market, this is evident through the calibre of talent we attract to the firm, as well as our achievements across our key sectors.”
Meanwhile, Stevens & Bolton saw its revenue climb 18% to £42.3 million, with net profit up by an impressive 31% to £16.7 million. PEP increased by 22% to £360,000, with the highest earners in the firm’s all-equity structure making £750,000.
Commenting on the results, managing partner James Waddell said:
“I am delighted that our results so clearly reflect the confidence placed by our clients in our talented and cohesive group of partners and lawyers. The firm is ambitious to build on the firm’s strong foundations and committed to delivering a standout client experience and a distinctive and collaborative culture where everybody can contribute and flourish.”
“We see strength in our full-service legal offering, our national and international outlook and in our all-equity partnership model,” Waddell continued. “I am confident that by always improving, evolving and challenging ourselves to do better, we will continue to attract and retain clients and talented people to our firm.”
