Travers Smith’s partner profits dropped by nearly 10% last year, despite the City firm posting a 5% revenue rise.

The firm announced last week that profit per full equity partner was £1.1m in the year to 30 June 2022, down from £1.22m over the previous 12 months – when partner profits soared by more than 20%. Turnover was up to £195m from £185.7m in its last financial results, while the firm did not provide an overall profit figure.

Travers Smith attributed last year’s slower growth in part to the impact of Russia’s invasion of Ukraine on the global economy, but remained bullish about the firm’s future.

Managing partner Edmund Reed said: ‘Over the last few years the world has been a volatile place, with the consequences of the Brexit vote, the Covid pandemic and consequent economic disruption, which increased yet further over the final third of our financial year following the outbreak of hostilities in Ukraine and the subsequent impact on rising costs across the globe.

‘Despite this increasingly turbulent macro-economic backdrop, our business continues to be healthy and our people continue to perform to an incredibly high standard, with every team across the firm contributing to these resilient results.’

Reed also referred to Travers Smith’s planned move to a larger London office in 2025 and its ‘continued investment in our people and our operations’ as providing grounds for confidence, adding: ‘We will continue to invest in our business appropriately to ensure its continued strength over the coming years.’