PEP now ‘roughly £1 million’, says silver circle participant

Travers Smith has revealed its newest set of monetary outcomes, with revenue per fairness accomplice (PEP) dropping sharply by 20% to “roughly £1 million” for the 12 months ending 30 June 2020.

The silver circle participant posted revenues of £160.9 million, a dip of 1%, whereas internet revenue (a determine it doesn’t announce) fell 11%. The outcomes are in stark distinction to its monetary efficiency for the earlier 12 months, which noticed income soar nearly 11% to £162.5 million.

The agency mentioned in an announcement that the contemporary figures mirror the the affect of the continuing COVID-19 disaster and the uncertainty round Brexit over the course of the final 12 months. It additionally cited “important funding” within the agency’s folks, techniques and processes, which it say has enabled it to proceed to function successfully in the course of the lockdown.

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“The previous few months have seen buying and selling circumstances not like any that we now have beforehand skilled however, regardless of that, the way in which we now have reacted to the COVID-19 disaster has exceeded all of our expectations,” Travers Smith managing accomplice David Affected person mentioned. “Inevitably, the lockdown, which coincided with the essential final quarter of our monetary 12 months, has had an affect on our provisional 12 months finish outcomes, with turnover falling by roughly 1% in contrast with final 12 months.”

He continued:

“Nonetheless, this 12 months’s outcomes come after an uninterrupted 10 years of consecutive development. The earlier two years, particularly, have been stellar for the agency, with turnover growing, 12 months on 12 months, by round 17% and 11% respectively, and income up considerably in the identical interval.”

Fellow silver circle agency Herbert Smith Freehills this week reported a 2.5% rise on income to hit £989.9 million however a drop by nearly 10% in PEP to £857,000.

In the meantime, Ashurst revealed last week that PEP had fallen 7% to £903,000 following what the agency described as a “12 months of consolidation”. Its income barely elevated by 0.5% to £644 million.

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